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UK to go ahead with overhaul of financial services redress system

By Sofia Gerace ( March 16, 2026, 13:32 GMT | Insight) -- The UK is moving ahead with an overhaul of the financial services redress system to address concerns the Financial Ombudsman Service was acting as a "quasi-regulator." The government said it would legislate when time allowed to amend the so-called “fair and reasonable” test to better align the ombudsman service's decisions with Financial Conduct Authority’s rules and introduce a 10-year time limit for bringing complaints to the agency.The UK has confirmed it will go ahead with plans to reform the financial services redress system to address concerns the Financial Ombudsman Service, or FOS, had been acting as a “quasi-regulator” and creating uncertainty over regulatory standards....

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