Elizabeth Stephens

Modernising the redress system: exploring the need for alternative processes

Following the announcement in the Chancellor’s Mansion House speech, the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) on 15 November 2024 published a joint Call for Input (CFI) seeking views from stakeholders on “how to modernise the redress framework, so it better serves consumers and provides greater stability for firms to invest and innovate”. With the CFI response deadline having just passed and the FCA and FOS now reviewing responses, we outline the key issues to be addressed.