Which? responds to the Financial Ombudsman's next phase of service reforms

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

"It is vital that the Financial Ombudsman Service continually tests these new measures to ensure they deliver the intended benefits, while protecting consumers’ access to fair and straightforward redress.

“The FOS is facing the greatest threat to its independence and effectiveness in its 25-year history due to ill-conceived proposals in the government’s Financial Services and Markets Bill. Today's changes show that those sweeping legislative reforms are not needed and should be dropped, as they risk undermining protections for individual consumers when they are in a dispute with some of the most powerful businesses in the country.

"The new prime minister and chancellor must take on board concerns from consumer groups and the FCA and make the necessary changes to this legislation."

-ENDS-