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

More on Regulation

PDG responds to FCA Market Study update

PDG responds to FCA Market Study update

Expanded terms of reference

Cameron Roberts
clock 31 March 2025 • 2 min read
Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Banning commission is an 'extreme' outcome of Protection Market Study: FCA

Regulator tells delegates at COVER Summit North conference

Jaskeet Briah
clock 27 March 2025 • 3 min read
Building on the Friendly Society legacy

Building on the Friendly Society legacy

Response to Law Commission consultation

Andy Morris
clock 27 March 2025 • 4 min read