HM Treasury’s consultation on the UK’s appointed representatives (AR) regime has been welcomed, but there are concerns about the extension of the Financial Ombudsman Service’s (FOS) jurisdiction.
The government's consultation opened following its 11 August 2025 policy statement, as concerns have emerged about consumer harm and weaknesses in oversight. In the consultation, which runs until 9 April 2026, the Treasury has outlined several proposed reforms. One of those is to extend FOS jurisdiction. Currently, the FOS can only consider complaints against principal firms where they are responsible for the AR's actions. Under the proposal, if a principal is not legally responsible, the FOS would be able to consider complaints directly against the AR. FOS' extended scope could...
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