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ARTICLE · 29 JULY 2025

Plans To Reform The Financial Redress System

Lewis Silkin
Lewis Silkin
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Lewis Silkin

Lewis Silkin

Joint managing partners: Jo Farmer, Richard Miskella International offices: Dublin, Hong Kong...

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The FCA and Financial Ombudsman Service are consulting on plans to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation.

United KingdomFinance and Banking
Wendy Saunders
Wendy Saunders
Helen Hart
Helen Hart
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The FCA and Financial Ombudsman Service are consulting on plans to modernise the financial redress system to help prevent it becoming overwhelmed, delaying consumer compensation. They have also updated their Memorandum of Understanding which aims to improve how they work together on important topics. In addition, the government has launched a consultation on the role of the FOS.

FCA and FOS consultation

The FCA and FOS proposals include:

  • Improving how the FCA and Financial Ombudsman work together to ensure consistency in the interpretation of regulations. This includes a new referral process to improve transparency about regulatory alignment and a lead complaint process to look at novel and significant complaint issues as they emerge.

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