CEO Abby Thomas discusses the FOS’s approach to the Consumer Duty

Article summary

The Financial Ombudsman Service (FOS) has published a speech by its chief executive and chief ombudsman, Abby Thomas, in which she discussed the FOS’s role in the consumer protection landscape and how the FOS will look at complaints involving the Consumer Duty. Thomas said the FOS welcomed the Consumer Duty as ‘a huge step forward in consumer protection’ as it sets high expectations for the standard of care that firms give consumers, but the FOS does not expect the Duty to significantly change the way it looks at many of its complaints or ultimately for it to have a significant impact on complaint volumes.