FOS Consumer Leaflet

YOUR COMPLIANCE MATTERS:   FOS Consumer Leaflet

Relevance:                   All firms.

Action required:           Order a supply of the revised leaflet that shows the increased FOS compensation award limits

The change to the FOS award limit to successful complainants became effective from 01 April 2019.

As a reminder, the new levels are as follows:

·          £350,000 for complaints about acts or omissions by firms on or after 1 April 2019;

·          £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the ombudsman service after that date.

·          Both award limits will be automatically adjusted annually on 1 April to ensure they keep pace with inflation, as measured by the Consumer Prices Index (CPI

Firms are required to send the FOS Consumer Leaflet when issuing their Final Response to an eligible complainant.

A revised leaflet is now available and can be ordered (£5 for 25) using the online order form from the link below:

https://www.financial-ombudsman.org.uk/publications/leaflet_ordering.htm

If you are communicating by email, it is acceptable to link directly to the leaflet on the FOS website.

https://www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm

Just as a reminder, the FOS Consumer Leaflet is usually reviewed annually in January so firms should ensure their supply of leaflets is always in date.

If you need to discuss any aspect of this newsletter, please contact us.