Letter to FT: High-cost lenders are responsible for their own downfall | 12 May 2025

Shared by M Haslam, like and 1 save total

Head of UK financial ombudsman quits unexpectedly (Abby Thomas quits; Baroness Manzoor follows days later)

Indicates pressure from Treasury for less consumer-friendly stance.
nb FOS reported a 40 per cent rise in case loads earlier in 2024, and was working to reduce the time to resolve cases, provide better customer service and improve value for money.

In her Mansion House speech, Reeves said: “The Financial Ombudsman Service plays a vital role for consumers to get redress when things have gone wrong, and that will not change. But reform is needed to create a surer climate for investment.

This echoes the UK Finance position.
FLA went further, and, talking about CMCs, said even firms complying with the rules can find themselves embroiled in mass redress events.

The FOS and FCA outlined potential changes to the financial redress system in November, including giving companies longer to respond to customer complaints and reducing the scope to appeal against ombudsman decisions. A consultation closed last Friday, with proposals expected in the first half of 2025

Shared by M Haslam, like and 1 save total

Thieves and common criminals could be spared jail, minister hints

Charles Hymas, Telegraph, picks up on Dakin's comments at Nacro fringe

Shared by M Haslam, like and 1 save total