ABI Director General, Hannah Gurga, responds to His Majesty's Treasury's review of the Financial Ombudsman Service (FOS) and the FCA and FOS consultation on modernising the redress system:
“The continued commitment of government and regulators to reforming the redress framework is vital to creating a more aligned and effective regulatory regime. This is central to the ambitions set out in the Chancellor’s Leeds Reforms to strengthen investor confidence in UK financial services and support growth across the economy.
"We particularly welcome proposals from the FCA and the FOS to refine how the Ombudsman applies the ‘fair and reasonable’ test, and encourage further targeted rule changes to improve predictability in the short term.
"Changes like these can complement primary legislation, delivering faster and simpler outcomes for consumers while giving businesses a more consistent and transparent regulatory framework.”