Source · Select Committees · Financial Services Regulation Committee
Recommendation 172
172
On 17 March 2025, the Government announced that the Economic Secretary to the Treasury would...
Conclusion
On 17 March 2025, the Government announced that the Economic Secretary to the Treasury would review the FOS. 265 HM Treasury has stated that this will include addressing concerns around: “The framework in which the FOS operates which has resulted in it acting, at times, as a quasi-regulator”; “whether the FOS is applying today’s standards to actions that have taken place in the past”; and the “practices that have grown up over time on compensation.” 266 HM Treasury has said that the work is expected to conclude by summer 2025 and that the Government “stands ready to legislate in order to ensure that we have a dispute resolution system in the UK which is fit for a modern economy.” 267
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 ↗