Open consultation – FS Sector Strategy: Review of the Financial Ombudsman Service

This consultation sets out the findings and proposed reforms following the Economic Secretary’s Review of the Financial Ombudsman Service (FOS), which was announced in March in the government’s Regulation Action Plan.

The consultation propose a package of reforms to the legislative framework in which the FOS operates. These are designed to stop the FOS acting as a quasi-regulator and ensure that the FOS is delivering its role as a simple, impartial dispute resolution service.

These reforms are intended to provide greater certainty and predictability for consumers and firms who use the FOS.