Source · Select Committees · Treasury Committee
Recommendation 11
11
Acknowledged
If Parliament itself is to play a role in the setting the regulatory principles of...
Conclusion
If Parliament itself is to play a role in the setting the regulatory principles of the FCA, it needs to be satisfied that the principles which it has set the FCA are not being undermined by decisions by the Financial Ombudsman Service. (Paragraph 57) Future scrutiny of financial services
Government response summary AI-generated
The government acknowledges the concern that Financial Ombudsman Service decisions should not undermine regulatory principles. They are currently considering whether any changes to existing arrangements are needed to ensure fair redress.
Summary of the government's response below — read the verbatim text to verify.
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
The Committee’s report outlined concerns that where the Financial Ombudsman is making decisions which go against regulatory principles there should be some right of challenge for those the decision goes against. We and the Ombudsman Service are aware of the need to ensure that, where complaints potentially have wider implications, the Ombudsman is aware of our expectations of firms in the circumstances presented by the complaint, and we have given consideration to whether there are ways for consumers to obtain fair redress other than going through the complaints process. We and the Ombudsman are currently considering whether any changes to current arrangements are needed to ensure these outcomes are achieved.
Read the full response on Parliament ↗