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ARTICLE · 13 AUGUST 2026

Daily FSR Update - 11 August 2026

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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The Financial Ombudsman Service (FOS) has published a policy statement outlining the operational reforms it will take forward following a joint consultation with the FCA.

United KingdomTechnology
Cat Dankos
Cat Dankos
Hywel Jenkins
Hywel Jenkins
Chris Ninan
Chris Ninan
Jon Ford
Jon Ford
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UK

FOS: Policy statement on modernising redress system

The Financial Ombudsman Service (FOS) has published a policy statement outlining the operational reforms it will take forward following a joint consultation with the FCA. Key measures include:

  • an amendment to its rules confirming that decisions will be based on standards applicable at the time of the act or omission and will not be applied retrospectively, providing a foundation for proposed legislative changes to FOS's ‘fair and reasonable’ remit that are currently progressing through Parliament;
  • new powers, effective 1 October 2026, allowing FOS to dismiss complaints that are not appropriate for the service and may be better suited to court, law enforcement or another dispute resolution process, or where there has been no financial loss or material distress or inconvenience; and

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