COVID-19- FCA publishes correspondence with FOS on handling of complaints arising during coronavirus crisis

Industry News | 07/05/20

The Financial Conduct Authority (FCA) has published correspondence between its Interim Executive Director of Strategy and Competition, Sheldon Mills, and the Financial Ombudsman Service’s (FOS) Chief Executive, Caroline Wayman, regarding the FOS’s approach to complaints arising during the current crisis. Mr Mills’ letter, dated 15 April 2020, seeks confirmation that the FOS will take account of the operational challenges faced by firms during this period when making decisions, including taking into account the FCA’s revised expectations of what constitutes compliance with its rules, guidance, and standards. Ms Wayman’s letter of 16 April 2020 confirms that the FOS will take into account the FCA’s revised expectations, including guidance which gives firms additional flexibility to help with deal with difficult conditions.

Mr Mills’ Letter

Ms Wayman’s letter