It was good to talk to the Financial Ombudsman Service earlier in the week. We raised some concerns that our members had during the FOS discussion. However, we also welcomed their commitment to more engagement with the consumer credit industry.

One of the issues that we are particularly keen to raise in our FOS discussion is their approach to Consumer Duty.

The risk that people have mentioned to me is whether we will see differences in approach between the Financial Conduct Authority and the FOS.

Unfortunately, there is a belief that sometimes there is a disjoint between the two organisations. I know that they would push back strongly on that suggestion. However, there have been a number of times when it seems that there are differences.

From what we heard, the FOS are well aware of this concern and are trying to mitigate this risk by working closer to the FCA.

There was an interesting FOS discussion about good outcomes. Looking at how this is implemented across different sectors and products.

Remember if you are a CCTA member then please keep talking to us. Raise any issues you have with us. I am always happy to provide more information about our work.

If you are not a member of the CCTA but are involved in non-bank lending, then please consider joining. More information can be found here.