Mansion House speech was 'an effort to shake up the sector'

In her speech, Reeves outlined the need for regulatory reform within both the Financial Ombudsman Service (FOS) and the Financial Conduct Authority (FCA). "The FOS plays a vital role for consumers to get redress when things have gone wrong, and that will not change," she said. "But reform is needed to create a surer climate for investment." Reeves confirmed that the government has worked closely with the FCA and the Ombudsman to develop a new agreement between the two institutions. "With clearer expectations on how they cooperate, including on historic market practice and mass redr...