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14 Redress

From: Financial Services Regulation in Practice

Simon Morris

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 03 July 2022

Insider dealing — Money laundering — Financial Services and Markets Act 2000 — Market abuse — Financial ombudsman service

This chapter concerns the seven principal aspects of redress under the Financial Services and Markets Act (FSMA) 2000. Redress may be due when the primary goal of consumer protection has failed to attain its objective and a customer suffers loss or inconvenience. This chapter considers the Financial Conduct Authority’s (FCA) requirements for firms with regard to complaint handling. It also looks at the process by which disputes between retail customers and regulated firms can be brought to the Financial Ombudsman Service (FOS) and the way in which the FOS will decide a dispute. The process by which a designated consumer body can bring complaints to the FCA regarding consumer interests, and the role of the Financial Services Compensation Scheme (FSCS), are explained. Finally, the role of consumer redress schemes, restitution orders, and other circumstances where consumers may obtain redress are explained.

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