On 8 June 2026, the Financial Ombudsman Service (FOS) published its response to the Financial Conduct Authority (FCA) consultation on simplifying the pensions and investment advice rules.
Key points in the response include:
- The FOS is adapting its approach to align with the direction of travel set out in the FCA’s proposals – in particular, the removal of overlapping prescriptive rules in favour of a more proportionate, outcomes-based framework underpinned by the Consumer Duty.
- An increased reliance on high-level standards rather than detailed rules is likely to make it harder for the FOS to maintain and demonstrate consistency, but this can be addressed through close working with the FCA and clear guidance from the FCA.
- The FOS does not expect the proposals to have a detrimental impact on its ability to determine complaints, and it acknowledges the potential of the proposals to reduce unnecessary administrative burdens on firms and improve access to advice for consumers.
- The FOS will continue to monitor complaints it receives in this area and share its insight with the FCA.