Which? responds as FCA expresses its concern about FOS reforms at Treasury Select Committee

Rocio Concha, Which? Director of Policy & Advocacy, said:

“We share the FCA’s concerns about proposed changes to the Financial Ombudsman Service. Which? believes that if they go ahead, they could be among the most damaging measures for consumers that we have seen from any government in the last decade.

“The FOS plays a vital role in ensuring consumers have a fighting chance of getting justice and redress when they are badly treated by financial services firms like banks and insurers. However, the changes proposed by the government risk undermining its independence and making it even more difficult for consumers to get a fair outcome in cases that can involve life-changing sums of money.

“It is essential that parliament takes on board the regulator's concerns and makes the necessary changes to the legislation. The next Prime Minister also needs to change the government's approach to consumer protection in personal finance. It isn't credible to claim to be on the side of ordinary people while at the same time undermining vital protections we all may need to rely on one day.”

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