From: HM Treasury
Published 15 July 2025
Last updated 20 May 2026 — See all updates
This consultation has concluded
Read the full outcome
Review of the Financial
Ombudsman Service - Consultation response
PDF, 206
KB, 26 pages
Review of the Financial
Ombudsman Service - Consultation response
HTML
Detail of outcome
This document provides a summary of the key themes raised by
respondents in response to the questions in the consultation and
notes the government's final policy position on the Financial
Ombudsman Service (FOS) reforms. The government has brought
forward primary legislation to deliver the reforms as part of the
Financial Services and Markets Bill.
The document was amended on 18 May 2026 to remove original
paragraph 2.19, which set out the government's intention to take
a power allowing it to specify, in the future, that particular
rules should be treated differently under the adapted ‘fair and
reasonable' test. Following further assessment and feedback, the
government no longer considers this power necessary and it is not
included in the Bill.
Original consultation
Summary
A consultation on the government's proposed reforms to the
Financial Ombudsman Service (FOS), following the Economic
Secretary's review.
This consultation ran from
10am on 15 July 2025 to midday on 8 October
2025
Consultation description
This consultation sets out the findings and proposed reforms
following the Economic Secretary's Review of the Financial
Ombudsman Service (FOS), which was announced in March in the
government's Regulation Action
Plan.
The consultation propose a package of reforms to the legislative
framework in which the FOS operates. These are designed to stop
the FOS acting as a quasi-regulator and ensure that the FOS is
delivering its role as a simple, impartial dispute resolution
service.
These reforms are intended to provide greater certainty and
predictability for consumers and firms who use the FOS.
Documents
Review of the Financial
Ombudsman Service Consultation
PDF, 610
KB, 38 pages
Review of the Financial
Ombudsman Service Consultation (Accessible)
HTML
