Issues with mass financial complaints to be put under spotlight

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The City regulator and the financial ombudsman are seeking views on how to tackle issues with mass complaints that can lead to uncertainty for firms and their customers. The call aims to help ensure that customers receive appropriate redress when something goes wrong and that firms identify harm at an early stage so they can resolve complaints more effectively themselves. “The greater the proportion of complainants represented by, the lower the proportion of redress paid to consumers overall, with some charging up to 30% of the redress award in fees.” The FOS said that while the current complaints system works well for individual complaints about specific issues, sudden and significant increases can cause firms to struggle to effectively respond, delaying any customer redress that may be due. James Dipple-Johnstone, deputy chief ombudsman at the FOS, said: “We are committed to continuously improving our service and helping create a redress framework fit for the future.” The call may interest consumers, consumer groups, policymakers, firms, industry bodies, experts and commentators, academics, think-tanks, and professional representatives among others, those behind the initiative said.