Rachel Reeves is set to modernise the Financial Ombudsman Service (FOS) framework and announce a Financial Conduct Authority (FCA) consultation in a bid to drive financial services growth.
In her first Mansion House speech as chancellor this evening (14 November), it is expected that Reeves will commit to plans to modernise the FOS framework, so it continues to play a "vital role" for consumers to get redress while giving clearer expectations around its decisions for consumers and for financial services firms. Meanwhile, she will also announce an upcoming FCA consultation with the aim to "help households make better-informed decisions about their finances", as part of the government and regulator's joint advice guidance boundary review launched in December 2023. The g...
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