Related topic: FOS

The FCA and the FOS will begin implementing changes from today, where they can.

The proposals would also introduce a new FCA permission regime for firms wishing to act as principal. 

As targeted support is a one-off service, it does not involve ongoing suitability assessments. 

The FCA says the reforms will prevent compensation delays and provide predictability needed for innovation.

57% of mis-selling and suitability complaints were upheld.

The report found a significant degree of ‘mission creep’ among UK regulators, noting that FOS has evolved into a "quasi-regulator".