Modernising The Redress System: A Significant Opportunity For Reform

This analysis was first published by Professional Advisor on 19 February 2025, and is republished with permission. The original article can be accessed here (sign-up required).

The FCA and FOS joint call for input on modernising the redress system (CFI), which closed at the end of January 2025, represents a genuine and significant opportunity to rethink the way that complaints are resolved in UK financial services.

In the CFI, the FCA and FOS asked a series of wide questions about reform, fuelling an already vigorous debate. FOS had already consulted on, and announced its intention to implement, case fees on claims management companies and other professional representatives. The CFI invited further views on that topic and others of key importance, such as what FOS should take into account when reaching its decisions, and whether there should be reforms to some of its procedures.