FOS confirms it will take firms’ operational circumstances and FCA’s revised expectations into account when dealing with complaints
Industry News | 20/11/20
The Financial Conduct Authority (FCA) has published correspondence between Interim Executive Director of Strategy & Competition, Sheldon Mills, and the CEO of the Financial Ombudsman Service (FOS), Caroline Wayman. In response to Mr Mills’ letter of 16 November 2020, in which he asked the FOS to confirm that, in determining what is fair and reasonable in all the circumstances of the individual case, the Ombudsman will continue to take account of the operational challenges faced by firms during this period, and the FCA’s revised expectations of what constitutes compliance with its rules, guidance and standards, as well as what counted as good industry practice at the time. Ms Wayman’s reply of 17 November 2020 confirms that the FOS will do such when approaching complaints that might arise from this period.