FCA and FOS reveal reforms as part of redress 'modernisation'

Follows joint call for input and government proposals

Isabel Baxter
clock • 3 min read

The Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have unveiled a set of reforms as part of their plan to “modernise” the redress system.

The FOS and FCA released their joint call for input last November in a move to modernise the redress system. Chancellor Rachel Reeves had signalled intent to target financial services redress reform in her Mansion House speech the day before. The FCA and FOS noted that currently, most complaints are resolved by firms, and the redress system "works well" for individual cases that come to the FOS, but high volumes of complaints on "specific or novel issues" can "jam the system and cause significant delays". The latest proposals include: ·       Improving how the FCA and FOS work toge...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

Senior Reporter at Professional Adviser

More on Regulation

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read