Ombudsman updates distress and inconvenience compensation guidance

More detailed guidance, 'fairer' outcome

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 COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

The COVER Review: Consumer Duty changes, a new protection club and healthcare updates

The COVER Review: Consumer Duty changes, a new protection club and healthcare updates

Week commencing 29 September 2025

COVER
clock 03 October 2025 • 1 min read
FCA to streamline Consumer Duty requirements

FCA to streamline Consumer Duty requirements

Regulator to consult on changes to rules in H1 2026

Sahar Nazir
clock 01 October 2025 • 2 min read
Firms face challenges producing Consumer Duty board reports: CII

Firms face challenges producing Consumer Duty board reports: CII

Data is a key roadblock

Cameron Roberts
clock 26 September 2025 • 2 min read