TISA response to FOS and FCA’s Call for Input on Modernising the Redress System
TISA welcomes the opportunity to respond to the FOS and FCA’s joint Call for Input on Modernising the Redress System.
We support the aims to:
• modernise the redress system to ensure a more effective and efficient framework for the future.
• improve co-operation under the current framework.
We agree that it is essential that consumers should receive appropriate redress in an efficient manner when things have gone wrong. Customers should know what to do if something has gone wrong and should have confidence that firms will listen, provide redress and will learn from past mistakes. Recourse to the FOS should only be required where the consumer is unhappy with the way in which the firm has addressed their complaint.
To enable this to happen, it is crucial that there is a clear, public articulation of the roles and responsibilities for firms, FCA, FOS and consumers. Insufficient transparency and inconsistent outcomes will undermine confidence in financial services and regulation.
These roles, responsibilities and processes should play out in a consistent manner and if effectively combined will improve trust and confidence in financial services, financial regulation, and ultimately the integrity of our system.
We support the proposal for greater alignment and collaboration between the FCA and FOS. In addition, bringing FOS into consumer redress scheme design discussions will help everyone understand the expectations and desirable scope and operation of schemes. This early engagement will prevent misalignment, confusion and poor consumer experiences and outcomes later down the line.
We would like to thank FCA and FOS for the opportunity to respond to the Call for Input and would be happy to discuss these recommendations and any other aspects of our consultation response. We look forward to FCA and FOS progressing their work on the redress framework and we stand ready to engage, collaborate and lend out support to help achieve the policy objectives.
View the full consultation response here: FCA-FOS-CfI-Modernising-Redress-TISA-Response-Final.pdf
Find more details on the consultation here: Call for Input: Modernising the Redress System | FCA