FOS updates guidance on awards for distress and inconvenience
Industry News | 19/10/21
FOS UPDATES GUIDANCE ON AWARDS FOR DISTRESS AND INCONVENIENCE
The FOS has updated its guidance on making awards for distress or inconvenience. The aim is that more detailed guidance will help financial businesses and their customers reach a fair outcome.
The bands that were published previously (moderate, substantial, severe, extreme) have been replaced with ranges of compensation awards and descriptions of the different levels of impact the FOS might expect to see.
A blog published by the FOS sets out what the changes are and why the FOS is updating the guidance.
The FOS has also published a business-facing page to help firms understand the approach of the FOS on awards for distress and inconvenience.
Information for consumers has also been published by the FOS.
This information is summarised in the latest edition of Ombudsman News.