Professional and financial risks

Thinking - Blog

FCA considers motor finance redress scheme

Published on 13 June 2025. By Daniel Parkin, Associate and Esme Watson, Senior Associate

The Financial Conduct Authority (FCA) has published its key considerations in anticipation of a possible motor finance redress scheme pending the outcome of the Supreme Court appeal in Johnson v FirstRand Bank Limited.

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Thinking - Blog

Government to introduce legislation to allow for Section 37 issues arising from Virgin Media v NTL Trustees to be addressed retrospectively

Published on 09 June 2025. By Rachael Healey, Partner and Andrew Oberholzer, Senior Associate

The Government has announced plans to introduce legislation to give pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met necessary standards at the time. This will provide welcome relief following the case of Virgin Media v NTL Trustees Limited, which rendered otherwise effective amendments void in the absence of an actuarial confirmation. The announcement will provide significant comfort to contracted out pension schemes that made amendments between 1997 to 2016 and cannot locate actuarial confirmation as required from the time of the changes. We look back at the issues arising from the Virgin Media v NTL Trustees decisions, consider the impact the cases had on the industry and what the government's announcement means.

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Thinking - Blog

FRC overhauls Investor Stewardship Code for 2026

Published on 06 June 2025. By Daniel Parkin, Associate and Zoe Melegari, Senior Associate

On 3 June 2025, the Financial Reporting Council (FRC) published the UK Stewardship Code 2026 that will take effect from 1 January 2026.

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Thinking - Blog

FOS to consult on interest - Is 8% too high?

Published on 06 June 2025. By Hattie Hill, Associate

On 4 June 2025 the Financial Ombudsman Service (FOS) opened a consultation into the standard interest applied to its awards which has historically been applied at 8%.

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Thinking - Publication

Lawyers Covered - May 2025

Published on 30 May 2025. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Alexandra Anderson, Partner and Katharine Cusack, Partner and Cecilia Everett, Partner and Helen Kerr, Senior Associate and Karl Shortman, Associate and Laura Sponti, Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

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Thinking - Publication

Money Covered: The Week That Was – 30 May 2025

Published on 30 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Money Covered: The Week That Was – 23 May 2025

Published on 23 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Blog

Q1 2025 insolvency claims activity – a word of warning for D&Os and their insurers?

Published on 19 May 2025. By Lauren Butler, Associate and Matthew Watson, Partner

The latest data on the number of winding up petitions in the Insolvency and Companies Court provide insights on the recent increase in insolvencies and offers a hint as to the sectors that may be impacted most by claims against the former directors of insolvent companies.

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Thinking - Publication

Money Covered: The Week That Was – 16 May 2025

Published on 16 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Money Covered: The Week That Was – 9 May 2025

Published on 09 May 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Lawyers Covered - April 2025

Published on 30 April 2025. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Carole Foster, Senior Associate and Tom Butterfield, Associate and Kerone Thomas, Associate and Simon Love, Senior Associate and Shanice Holder, Associate and Tom Wild, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

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Thinking - Publication

Money Covered: The Week That Was – 25 April 2025

Published on 25 April 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Money Covered: The Week That Was – 17 April 2025

Published on 22 April 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Blog

Supreme Court upholds that fiduciaries must act with "single-minded loyalty toward their principals (or beneficiaries)"

Published on 22 April 2025. By Daniel Parkin, Associate and Zoe Melegari, Senior Associate

In Rukhadze and others v Recovery Partners GP Ltd and another [2025] UKSC 10, the Supreme Court unanimously affirmed the legal test for the account of profits rule (the Profit Rule).

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Thinking - Publication

Money Covered: The Week That Was – 11 April 2025

Published on 11 April 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Signpost pointing in different directions

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Blog

Pension Trustee Liability: Apportioning Responsibility Between Professional and Member Trustees

Published on 09 April 2025. By Thomas Spratley, Associate and Shauna Giddens, Associate and Rachael Healey, Partner

A recent decision of The Pension Ombudsman (TPO) sets out the duties of independent trustees in Small Self-Administered Scheme (SSAS) and in particular their duties towards investment due diligence. The decision also looks at the split in responsibility between a member trustee and a professional trustee.

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Thinking - Blog

Court confirms vicarious liability does not apply to LPA receivers

Published on 09 April 2025. By Rachael Healey, Partner

In an appeal, the High Court considered whether an employer of LPA receivers can be held vicariously liable for the actions of receivers during receivership – the High Court, upholding the lower decision on a strike out application, found that the employer was not liable.

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Thinking - Publication

Money Covered: The Week That Was – 4 April 2025

Published on 04 April 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Lawyers Covered: March 2025

Published on 01 April 2025. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Carole Foster, Senior Associate and Tom Butterfield, Associate and Kerone Thomas, Associate and Simon Love, Senior Associate and Shanice Holder, Associate and Tom Wild, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

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Thinking - Blog

Tooling v Engie: a glimpse into the future of the motor finance litigation?

Published on 31 March 2025. By Alison Thomas, Associate and Rachael Healey, Partner

On 21 March 2025, the Court of Appeal handed down an expedited judgment in Expert Tooling and Automation Ltd v Engie Power Ltd [2025] EWCA Civ 292, a case which, like one of the three linked motor finance cases due to be heard at the Supreme Court this week (Johnson v FirstRand Bank Limited), dealt with 'half secret' commissions. In Tooling the Court of Appeal took the opportunity to expand upon and further explain some of its reasoning in Johnson.

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Thinking - Publication

Money Covered: The Week That Was – 28 March 2025

Published on 28 March 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Signpost pointing in different directions

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Blog

FRC to back growth in a new three-year plan – impacting auditors, actuaries, and D&Os

Published on 24 March 2025. By Rachael Healey, Partner and Eleanor Jones, Associate

FRC to Back Growth in a New Three-Year Plan – impacting auditors, actuaries, and D&Os The FRC has published its Strategy for 2025-2028 and its Annual Business Plan and Budget for 2025-2026, following a period of consultation and engagement with stakeholders. There are some key messages alongside the Strategy, Plan and Budget, with the FRC emphasising an intention to support UK economic growth and investment whilst serving the public interest through "smart, targeted and proportionate" regulation. The three-year strategy and annual budget allow the FRC to set out interim objectives whilst they prepare for the Government's draft legislation to modernise its statutory powers and ensure that they are fit for purpose.

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Thinking - Blog

Vehicle Finance Redress Scheme seems to be down the road

Published on 11 March 2025. By Thomas Spratley, Associate and David Allinson, Partner

In what could be the final chapter in the long running (or driving) vehicle finance saga, the FCA has announced that it is likely to consult on a redress scheme following the Supreme Court's anticipated decision in Jonson v FirstRand Bank Limited

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Thinking - Publication

Money Covered: The Week That Was - 28 February 2025

Published on 28 February 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Lawyers Covered - February 2025

Published on 26 February 2025. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Carole Foster, Senior Associate and Tom Butterfield, Associate and Kerone Thomas, Associate and Simon Love, Senior Associate and Shanice Holder, Associate and Tom Wild, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our February 2025 edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

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Thinking - Blog

SRA unlimited fining powers

Published on 24 February 2025. By Shanice Holder, Associate and Tom Wild, Senior Associate and Graham Reid, Partner

The biggest development in solicitors' regulation in 2025 is undoubtedly the SRA's new approach to financial penalties. For the first time in history, the SRA will wield unlimited fining powers, and it proposes to use them in a way which could transform the financial consequences of regulatory breaches.

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Thinking - Publication

Money Covered: The Week That Was – 14 February 2025

Published on 14 February 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Signpost pointing in different directions

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Read more
Thinking - Podcast

The Year to Come – 2025 – Financial Services and Accountants trends and developments we expect to see in 2025

13 February 2025

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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Thinking - Blog

Important changes to note in accountant ethics code update

Published on 12 February 2025. By Rachael Healey, Partner and Hattie Hill, Associate

In this article we consider the anticipated updates to the accountant's Code of Ethics and explore the ripple effects on insurance policies.

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Thinking - Publication

Money Covered: The Week That Was - 31 January 2025

Published on 31 January 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

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Thinking - Publication

Lawyers Covered - January 2025

Published on 30 January 2025. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Carole Foster, Senior Associate and Tom Butterfield, Associate and Kerone Thomas, Associate and Simon Love, Senior Associate and Shanice Holder, Associate and Tom Wild, Senior Associate

It can be tough for busy lawyers to find enough time to service clients, make it safely through the regulation obstacle course, win new work and keep up-to-date with developments, but we've got you covered! Welcome to our January 2025 bumper edition of our Lawyers Liability & Regulatory Update, in which we highlight the last month's key developments affecting lawyers and the professional risks they face.

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Thinking - Blog

Acceptable levels of consumer harm – the FCA seek guidance in balancing risk with reward

Published on 30 January 2025. By Damien O'Malley, Associate

The chief executive of the Financial Conduct Authority (FCA), Nikhil Rathi, has called for the UK government to define an 'acceptable level of consumer harm' in response to the government's demand for reduced regulations.

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Thinking - Blog

The FCA reveals its new strategy for supervision of wholesale brokers

Published on 30 January 2025. By Kristin Smith, Trainee Solicitor and Esme Watson, Senior Associate

On 24 January 2025, the Financial Conduct Authority (FCA) published a portfolio letter setting out their new strategy for supervising wholesale brokers.

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Thinking - Publication

FOS Complaints Newsletter - January 2025

Published on 30 January 2025. By Rachael Healey, Partner and David Allinson, Partner and George Smith, Partner and Esme Watson, Senior Associate and Shauna Giddens, Associate

Welcome to the FOS complaints quarterly newsletter. In this second of our quarterly FOS complaints newsletters we look at recent developments which have already impacted, or are likely to impact, future developments and trends.

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Thinking - Blog

Undertakings and summary judgment

Published on 30 January 2025. By Jo Makin, Senior Associate and Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group

The recent decision in the case of Social Money Limited v Attwells Solicitors LLP [2024] EWHC 3288 (Ch) provides some interesting considerations on a number of matters relating to the giving of undertakings and attempts to seek to obtain summary judgment in that regard.

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Thinking - Podcast

Money Covered: The Year To Come – 2025 – D&O and Pensions trends and developments we expect to see in 2025

22 January 2025

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

Read more
Thinking - Blog

RIAAT and retirement income advice – looking forward to 2025

Published on 20 January 2025. By David Allinson, Partner and Daniel Parkin, Associate

Retirement income advice has been a particular focus of the Financial Conduct Authority in recent years. Looking forward into 2025, there are many challenges and risks facing firms in respect of their provision of retirement income advice.

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Thinking - Blog

Formalities – not so formal?

Published on 16 January 2025. By Rachael Healey, Partner

In two cases – one recent, one not so recent – the High Court looked at and got around formalities; (1) to find a claim in time for limitation purposes by concluding that an agreement had been executed as a deed and (2) by rectifying a signature block so that an amendment to a pension scheme's rules took place as intended. These cases potentially show the courts taking a more lenient approach to formalities and may assist in professional negligence claims arising where documents are considered invalid for failing to follow relevant formalities.

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Thinking - Blog

An update to the FCA's "polluter pays" framework – accountability for harm caused to consumers.

Published on 16 January 2025. By Faheem Pervez, Associate

The Financial Conduct Authority (the FCA) has issued updated guidance on its "polluter pays" framework. In an update published on 14 January 2025, the FCA provided further information on the framework, which could lead to firms compensating consumers when they provide poor advice, products or services.

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Thinking - Blog

Ombudsman decision – clarifying liability where there are delays in the pension administration process

Published on 13 January 2025. By Kerone Thomas, Associate

When delays occur in pension transfers, the implications for members can be significant—but how far does a provider’s responsibility extend? A recent determination by the Pensions Ombudsman in the case of Mr R offers important clarification. Whilst the Ombudsman recognised some administrative shortcomings, the decision reaffirmed that providers are not liable for all financial consequences arising from delays, particularly when those consequences result from a member’s own actions.

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Thinking - Blog

Is time up for the Shareholder Rule? High Court departs from the century-old principle

Published on 10 January 2025. By Matthew Watson, Partner and Melanie Redding, Associate and Damien O'Malley, Associate

In a recent decision, the High Court departed from a century-old precedent in ruling that the so-called 'Shareholder Rule' – the principle that a company cannot assert privilege against its own shareholders save for communications regarding litigation between the company and the shareholder – does not exist in English law. Justice Picken, in making this departure, has significantly limited the circumstances in which a claimant shareholder may be able to obtain disclosure of privileged information.

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Thinking - Publication

Money Covered: The Week That Was – 10 January 2025

Published on 10 January 2025. By Rachael Healey, Partner and Robert Morris, Partner and David Allinson, Partner and George Smith, Partner and Matthew Watson, Partner

Signpost pointing in different directions

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

Read more
Thinking - Publication

Lawyers Covered - December 2024

Published on 19 December 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Carmel Green, Partner and Victoria Lawman, Trainee Solicitor and Richard Seymour, Associate and Robyn Crowter, Associate and Samantha Cresswell, Associate

What could be more festive than our December edition of Lawyers Covered – so here it is, a gift from the Lawyers Liability and Regulatory Group at RPC, to all of you, our lovely readers! And it’s a bumper edition with links to 3 full articles as well as our usual snippets. Happy holidays!

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Thinking - Podcast

Money Covered: The Year That Was 2024 - Top 10 risks facing the financial sector

18 December 2024

Welcome to Money Covered, a monthly podcast from RPC aimed at those dealing with complaints, claims and risk management in the financial services sector.

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Thinking - Blog

Re KRF Services (UK) Ltd - A cautionary tale of a sole director and the Sanctions Regulations

Published on 18 December 2024. By Haiying Li, Associate and Melanie Redding, Associate

The High Court recently handed down its decision in KRF Services (UK) Ltd [2024] EWHC 2978 (Ch), which provides a long-awaited decision to confirm that a sole director of a company with unmodified Model Articles can make decisions on behalf of the company regardless of how many directors it had in the past. The Court also held that making an administration application or order does not in principle breach The Russia (Sanctions) (EU Exit) Regulations 2019 ("Sanctions Regulations").

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Thinking - Blog

High Court overturns SRA intervention

Published on 17 December 2024. By Will Sefton, Partner, Head of the Lawyers Liability and Regulatory Group and Michelle Peacock, Associate and Aimee Talbot, Knowledge Lawyer

A recent High Court decision saw the court overturn the SRA's intervention in a regulated law firm: only the second decision of its kind in 20 years.

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Thinking - Blog

Financial Conduct Authority updates its perimeter report

Published on 13 December 2024. By David Allinson, Partner

On 9 December 2024, the Financial Conduct Authority ("FCA") published an updated version of its perimeter report, identifying investment trust cost disclosure and exclusions to regulated activities as new issues.

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Thinking - Blog

Court of Appeal Confirms Occupational Pensions Are Shielded from Creditor Claims

Published on 12 December 2024. By Kristin Smith, Trainee Solicitor and Rachael Healey, Partner and Matthew Watson, Partner

The Court of Appeal has recently held that occupational pensions are protected from injunctions requiring them to be made available to creditors for enforcement purposes in the judgment of Manolete v White [2024] EWCA Civ 1418.

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Thinking - Blog

Liquidator granted permission to disclose bank statements to an assignee to pursue a cause of action

Published on 12 December 2024. By Zoe Melegari, Senior Associate and Daniel Parkin, Associate

The High Court has recently handed down its judgment in Asertis Ltd & Anor v Melhuish & Ors [2024] EWHC 2819 (Ch), granting permission for a liquidator, who had assigned his claims against former directors, to disclose bank statements obtained under section 236 of the Insolvency Act 1986 to the assignee.

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Thinking - Blog

Key takeaways from the Financial Ombudsman Service's Annual Report and Accounts for 2023-2024

Published on 12 December 2024. By Faheem Pervez, Associate

The Financial Ombudsman Service (FOS) has published its Annual Report and Accounts for 2023-2024 (the Report) providing valuable insights into the trends and challenges faced by the financial services industry. It is important to understand these developments to proactively manage risks and ensure compliance.

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