Related topic: FOS

Other changes include a new registration stage to ensure cases are within scope and ready to be investigated.

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".