Which? responds to Chancellor's Mansion House speech reforms

Rocio Concha, Which? Director of Policy and Advocacy, said:

"Before the election, the government promised its approach to financial services would strengthen consumer protection, but launching a review of the Financial Ombudsman Service in response to lobbying by the industry threatens to do the opposite. 

"While the financial sector is a vital part of the UK economy, consumers are being failed on a daily basis by irresponsible behaviour from some firms - from banks and payment providers that refuse to take fraud seriously, to insurers that put people through undue hardship when they make a claim. Effective redress and strong regulation are often the only protection they have and consumers will be rightly concerned to see plans to review their rights to complain to the Financial Ombudsman Service. 

"For its financial regulation plans to succeed, the government must look beyond the boardrooms of the City of London and listen to millions of consumers who have been struggling through a painful cost of living crisis. The Chancellor must ensure they are not further exposed to poor treatment at the hands of the financial sector."

-ENDS-