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UK government unveils consultation on FOS overhaul, ending era of ‘quasi-regulation’

The UK Financial Ombudsman Service form and calculator.
Photo: Peter Dazeley/Getty Images

Jean Hurley

3 min read
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The reforms are set to return the FOS to its original role as an impartial dispute resolution service; we look at stakeholder reaction.


Decisive action to rebalance the relationship between financial services firms and the Financial Ombudsman Service (FOS) has been taken by the UK government. In the second package of reforms announced on March 16, 2026, HM Treasury (HMT) and the FCA detailed plans to modernize the FOS, strictly limiting its power

​This overhaul,

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