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FCA confirms widening of FOS fees reporting requirement
The FCA has published Handbook Notice 117 which, in Section 3, provides feedback to a number of Consultations. This Handbook Notice will serve, effectively, as the Policy Statements in relation to these Consultations. One particular impact to note is the…
FOS expects complaints to rise by 15% to 210,000 in 2024/2025
The Financial Ombudsman Service (FOS) now expects a caseload of 210,000 complaints in 2024/25, a 15% rise from its previous prediction of 181,300 and 27% more than it recorded in 2022/23.
FCA updates its guidance in relation to financial promotions on social media
The FCA has published a finalised guidance document – FG24/1 – on how financial promotions should be communicated on social media. Financial promotions on all advertising channels should be fair, clear and not misleading, and support consumer understanding.
FCA outlines the new Long Form A content
The FCA has outlined the changes made to the Form A and has announced that it plans to gradually roll out the new form to all firms from April 2024.
FCA announces a review of firms’ treatment of customers in vulnerable circumstances
The FCA has announced its intention to conduct a review into how firms are acting to understand and respond to the needs of customers in vulnerable circumstances. The FCA intends to share its findings by the end of 2024, in line with its 2021 commitment. The…
Financial Ombudsman Service sets out its updated maximum award limit
The Financial Ombudsman Service (FOS) has announced that the FCA has confirmed the increase to the FOS award limit for the coming financial year. The award limit is the maximum amount FOS can require a financial business to pay when it upholds complaints.…
