CCTA Response to the Treasury Select Committee Report on the Future Regulatory Framework of Financial Services

Commentary | 06/07/21

The Treasury Select Committee has today published its report on the Future Regulatory Framework of Financial Services.

It is good to see that the committee has recommended that the Treasury consider how the decision-making processes of the Financial Ombudsman Service (FOS) would interact with the future regulatory framework for the FCA, something we called for in our written evidence to the committee. The HM Treasury consultation currently makes no mention of the FOS.

The CCTA does not believe there is any sense in looking at the regulatory framework and not including the role of the FOS in that.

The potential impact of the FOS is significant, across financial services. We believe there is a strong case to review the role and accountability of the FOS, to ensure it works as part of the regulatory framework rather than working against it.