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FOS secures £22m for consumers as part of outcomes code initiative

  • 24/05/2022
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FOS secures £22m for consumers as part of outcomes code initiative
The Financial Ombudsman Service (FOS) has obtained £22m in redress for customers through a scheme designed to increase the number of cases settled swiftly, with just under half going to victims of authorised scam complaints.

Its temporary outcomes code initiative was launched in November last year to encourage businesses to “proactively settle complaints more quickly”.

The FOS worked with over 90 businesses, who made 6.877 offers to customers. This included £10m in redress for authorised scam complaints, and over 2,000 people being refunded lost funds.

The firm said that the average offer made was around £3,200 per case.

The initiative has also helped resolve 4,800 customer complaints across e-money services, personal loans, motor finance and credit card purchases.

Natwest topped the list for offers made at 1,039, with Lloyds Banking Group came third at 834 offers made.

Santander took fourth position with 673 offers made, whilst Barclays came sixth at 503 offers made. HSBC made 405 offers, placing it seventh, and Nationwide made 175 offers made, putting it in eight position, while TSB came ninth at 157 offers made.

Nausicaa Delfas, chief executive and chief ombudsman of the FOS, said: “We are delighted that many financial businesses have responded to our initiative and have helped customers get their complaints resolved more quickly. This was just one of a range of initiatives we put in place to address the large backlog of complaints received during Covid-19.

“The backlog is now a third of what it was at the beginning of last year. We are now moving forward with our Action Plan to change and improve the Financial Ombudsman for the future.

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