Source · Select Committees · Financial Services Regulation Committee
Recommendation 29
29
Paragraph: 162
We agree that the FOS has become a quasi-regulator as its actions have regulatory impacts...
Conclusion
We agree that the FOS has become a quasi-regulator as its actions have regulatory impacts by creating precedents that the FCA requires firms to follow. The responsibility for issuing binding rules and guidance lies with the FCA. The lack of alignment between the FOS and the FCA generates an unacceptable level of uncertainty for firms, stakeholders, and investors.
Paragraph Reference:
162
Government Response
A response document is linked to this report, dated 3 September 2025. Response attribution to this conclusion has not been verified. Read the response document ↗