Chancellor targets FOS modernisation and FCA consultation

Consultation part of the advice guidance boundary review

Isabel Baxter
clock • 3 min read

Chancellor Rachel Reeves is set to modernise the Financial Ombudsman Service (FOS) framework and announce a Financial Conduct Authority (FCA) consultation in a bid to drive financial services growth.

In her first Mansion House speech as chancellor yesterday evening (14 November), it is expected that Reeves will commit to plans to modernise the FOS framework, so it continues to play a "vital role" for consumers to get redress while giving clearer expectations around its decisions for consumers and for financial services firms. Meanwhile, she will also announce an upcoming FCA consultation with the aim to "help households make better-informed decisions about their finances", as part of the government and regulator's joint advice guidance boundary review launched in December 2023. Th...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Isabel Baxter
Author spotlight

Isabel Baxter

News editor at Professional Adviser

More on Regulation

FCA Pure Protection Market Study: Industry reacts

FCA Pure Protection Market Study: Industry reacts

“Overall, the FCA has taken a pragmatic approach”

Cameron Roberts
clock 21 September 2026 • 5 min read
FCA Pure Protection Market Study: Key milestones

FCA Pure Protection Market Study: Key milestones

A timeline of key developments

Jaskeet Briah
clock 21 September 2026 • 5 min read
FCA Pure Protection Market Study final report published

FCA Pure Protection Market Study final report published

“For product holders, the distribution of pure protection works well”

Cameron Roberts
clock 21 September 2026 • 3 min read