Ombudsman updates distress and inconvenience compensation guidance

More detailed guidance, 'fairer' outcome

clock • 2 min read
Ombudsman updates distress and inconvenience compensation guidance

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...

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