Since our last publication, the Financial Ombudsman Service has published issue 141 of the ombudsman news. In other news, the CMA has issued directions to the Co-operative Bank to ensure compliance with the Retail Banking Market Investigation Order 2017.
Financial Ombudsman Service news issue 141
The Financial Ombudsman Service (FOS) has published issue 141 of the ombudsman news. Items of interest include:
- case studies relating to complaints involving problems with credit;
- an update on payment protection insurance (PPI) complaints focusing on FOS' actions in the run up to 29 August 2017 when the FCA's new rules and guidance for PPI come into effect;
- complaints statistics for the first quarter of the 2017/2018 financial year; and
- a Q&A clarifying the role the FOS will play with regards to the future regulation of claims management.
CMA issues directions to Co-operative Bank to ensure compliance with Retail Banking Market Investigation Order 2017
The CMA has issued directions to the Co-operative Bank which will ensure that it complies with Part 7 of the Retail Banking Market Investigation Order 2017. This section of the order requires that from 2 August 2017, providers of personal current accounts specify a monthly maximum charge that any customer could be charged for using (or attempting to use) their unarranged overdraft.