Payout Conflict

The Financial Services Compensation Scheme (FSCS) latest Annual Report shows that £423m was paid out in compensation to customers in 2023/24 - £262m part of that was for claims for investments, pensions and financial advice. The introduction of the Consumer Duty regulations last year remain a top priority for the FCA – this framework was created to ensure transparency, fair value, and customer-centric practices across the financial services industry.

However, it’s not only the financial industry affected by payout conflict. Companies who are not subject to the FCA’s Consumer Duty are also finding themselves at the heart of payout conflict, this includes rail, airlines, councils, utilities and car finance.

For those who find themselves needing to make payouts to their customers, the process can be expensive and inefficient for the payer and lead to a poor customer experience, just when it’s least needed. Emotions are high, claimants have high expectations, and your reputation might be at stake.

Watch this on-demand webianr with payout experts Andrew Scarborough and Becca Hall to help understand what to do if you find yourself needing to make secure and fast refunds or compensation payouts to your customers. Topics include:

• The latest news headlines
• Modern vs Traditional ways to pay
• How to verify customer details for one-off payments*
• A short demo of Bottomline Payouts solution