💨 Abstract
The Financial Ombudsman Service (FOS) is proposing to change compensation interest rates, linking them to the Bank of England base rate plus one percentage point due to a surge in consumer complaints. The consultation follows a 49% increase in complaints from the second half of 2024 compared to 2023. Currently, the FOS imposes an 8% interest rate for compensation delays, but seeks to update this to better reflect market conditions.
Courtesy: www.thesun.co.uk
Suggested
Solar panels will be installed on every new-build in England under new rules
Families on Universal Credit have just DAYS to get £1,000 in free cash
World Cup stadium looks unrecognisable with cranes on pitch and seats ripped out
Major lender CUTS mortgage rates despite other banks hiking loans
Building society with 400,000 customers makes big change to 37 accounts TODAY
Car finance compensation update as millions could be due back cash
Major bank to make big change to 47 accounts in weeks impacting thousands
Nationwide to make big change to millions of bank accounts from TODAY -check now
Adored Italian restaurant with 90 branches across the UK closes in town centre