Ombudsman updates distress and inconvenience compensation guidance

More detailed guidance, 'fairer' outcome

Julia Bahr
clock • 2 min read

The Financial Ombudsman Service (FOS) has refreshed its guidance on making awards for distress or inconvenience.

The body said while its approach had not changed more detailed guidance would result in fairer consumer outcomes.  "Our approach hasn't changed, but our stakeholders tell us that more detailed guidance will help financial businesses and their customers reach a fair outcome", said Garry Wilkinson, principal Ombudsman and director of investigation. He explained that there may be different types of compensation to consider if a customer has lost out as a result of a mistake. Ombudsman awards fair compensation for any of the following: distress inconvenience pain and suffering...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Legal perspective: A lawyer's view on the FCA's latest employment tribunal case

Legal perspective: A lawyer's view on the FCA's latest employment tribunal case

Whistleblowing or gross misconduct?

Anita Vadgama
clock 17 April 2025 • 4 min read
FCA establishes US and Asia-Pacific presence to promote the UK overseas

FCA establishes US and Asia-Pacific presence to promote the UK overseas

Major international investors 'want easier access'

Beth Brearley
clock 16 April 2025 • 1 min read
Andrew Goodwin: Is targeted support really the revolution we need?

Andrew Goodwin: Is targeted support really the revolution we need?

'Forgive me for being a party pooper, but...'

Andrew Goodwin
clock 11 April 2025 • 4 min read