Government's FOS reforms 'a mixed bag'

Some changes appear to be ‘lacking in any substance,’ commentators say

Isabel Baxter
clock • 4 min read

The government reforms to the Financial Ombudsman Service (FOS) confirmed in chancellor Rachel Reeves’ Mansion House speech have been welcomed by industry commentators, but some argue that the changes appear to be “lacking in any substance”.

Announced yesterday (15 July), the Financial Conduct Authority (FCA) and the FOS unveiled a set of reforms as part of their plan to "modernise" the redress system. In her Mansion House speech, Reeves said: "As I promised last year, I am delivering the most significant reform to the FOS since its inception including proposing an absolute limit of ten years for claims. "This will speed up the time it takes for consumers to get redress for their complaints returning it to its original purpose as a simple, impartial arbitration service and ensuring that it no longer acts as a quasi-regula...

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