Source · Select Committees · Treasury Committee
Recommendation 11
11
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
Acknowledged
HM Government
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.