The government, alongside the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS), has set out a major package of reforms aimed at making complaint handling in financial services more consistent, predictable, and aligned with regulatory rules.
The FOS' work with the government to modernise redress and its reforms were announced last summer in the joint call for input with the Financial Conduct Authority. In HM Treasury's response to its review of the FOS published today (16 March), there are multiple adjustments to the current rules outlined, including changes to the ‘fair and reasonable' test. The FOS will be required to find that firms acted fairly and reasonably if they complied with relevant FCA rules, applied as intended at the time of the conduct (no retrospective use of newer rules). Where no FCA rules apply, the FOS...
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