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Complaints and the Financial Ombudsman Service: modernising the redress system
In 2024 and 2025 the UK government and the Financial Conduct Authority (FCA) have taken steps towards improving the complaints and redress system for financial services consumers and firms focusing in particular on the Financial Ombudsman Service (FOS).
In November 2024 the FCA and the FOS published a joint Call for Input seeking views on how to modernise the redress system. Following its Action Plan published in March 2025 His Majesty’s Treasury (HMT) then issued a consultation in July 2025 seeking views on a proposed package of reforms for modernisation. At the same time the FCA and the FOS issued a joint consultation summarising the responses they had received to the Call for Input and commenting on HMT’s proposals. The FCA and the FOS also issued a new Memorandum of Understanding between themselves to...
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