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UK government moves ahead to curb financial ombudsman service’s powers

( March 16, 2026, 09:31 GMT | Official Statement) -- MLex Summary: The UK's finance ministry is moving ahead with reforms to curb the powers of the Financial Ombudsman Service, which resolves disputes between consumers and financial services firms. Reforms include adapting the ‘fair and reasonable’ test used by the FOS to determine cases, requiring the FOS to seek a view from the Financial Conduct Authority on matters of financial rules' interpretation, and introducing an absolute time limit of 10 years for bringing complaints to the FOS. The government said it the changes would require legislation which it would take forward when parliamentary time allows.Statement is attached....

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