UK Finance calls for time limit on FOS complaints

UK Finance has published its submission to government ahead of the Chancellor’s Mansion House speech on 15th July and the government’s new Financial Services Growth and Competitiveness Strategy.

Key areas highlighted in the submission include reforms to the Financial Ombudsman Service (FOS). UK Finance asks the Ombudsman and the FCA to work together to "stop the FOS acting as a quasi-regulator" and also put in place a time limit on complaints. 

UK Finance says it "greatly welcomed the attention from the Government on reform of the Financial Ombudsman Service and the need to address the fact that decisions that go beyond FCA rules create legal uncertainty and see the Ombudsman acting as a quasi-regulator". 

As part of its submission, UK Finance also proposes capital markets reform, "more proportionate capital rules", and a clearer direction for open banking and digital payments.

David Postings, chief executive of UK Finance, said: “Last year, the chancellor rightly said the UK had become too cautious. This year’s speech and new financial services strategy provide the opportunity to act on that and take a careful but decisive move away from risk aversion, towards a more balanced and internationally competitive approach to regulation. 

"This will enable the financial services sector to better help UK businesses, consumers and the government’s growth mission – something we all strongly support."