Financial Ombudsman Service
Lords · Question HL15895 · Tabled 24 Mar 2026 · Treasury · Official record
Answered 9 Apr 2026
Question
Asked by Lord Cromwell
To ask His Majesty's Government what assessment they have made of the Financial Ombudsman Service's ability to set precedents that create new rules and thereby bypass the Financial Conduct Authority and established regulatory processes.
Answer
Answered by Lord Livermore, 9 Apr 2026
On Monday 16 March, the Government published a response to its consultation on reforming the Financial Ombudsman Service (FOS), confirming that the government will legislate to stop the FOS acting as a quasi-regulator and provide greater regulatory cohere...