Enhance has responded to the FCA’s consultation on modernising the redress system.
It is probably acknowledged that the Financial Ombudsman Service requires updating and this consultation, along with HM Treasury proposals, aim to do that. We think there are some reasonable proposals made by the FCA, however as with many of these types of proposal, there are a few questions yet to be answered. This is especially so in relation to ‘mass redress events’ which the pensions sector will wish to avoid! The consultation closes on 8 October 2025. As always, if you are thinking of responding, please feel free to lift any ideas or text from our response, although it’s important to stress that the response reflects our views which you may or may not agree with!
The full response can be downloaded here