Commissions Disclosure Update - November 2023

Over the last few months we have been monitoring the commission disclosure claims landscape and have put together a note to update you on the current position with reference to the different channels of claims, the Financial Ombudsman (FOS) and the legal court system.

In addition, we have considered the FCA’s role and the likely interventions it might take once the FOS has set out its final decisions or following any binding court cases. We have also reviewed a couple of recent court cases that places firms in a good position on claims brought by Claims Management Companies.

Please download our update by clicking on the image or button below:

Auxillias is continuing to support a number of lenders, brokers and dealers in providing appropriate responses to claims referred to them by CMCs and the FOS. We can help your business to ensure that bases are covered appropriately without prejudicing or compromising your position.

We are also supporting businesses with training internal staff on how to manage complaints first hand and supporting them on the more complex claims, particularly now since the FOS has pointed out that this has been one of the major failures of firms’ case handlers’ lack of experience.

Please get in touch if you require any support in this area.