Financial Ombudsman Service

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The Financial Ombudsman Service (FOS) is an independent dispute resolution scheme that exists to assist consumers in resolving complaints with financial services firms. For information on the powers, process and scope of the FOS, see Practice Note: Financial Ombudsman Service—essentials.

The Dispute Resolution: Complaints (DISP) section of the Financial Conduct Authority (FCA) Handbook sets out in detail the role, jurisdiction and procedures of the FOS. DISP 1 contains rules and guidance on how firms should deal with complaints promptly and fairly, including complaints that could be referred to the FOS. For guidance on DISP 1 and the main

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Latest Insurance & Reinsurance News

IAIS consults on draft Application Paper for insurance sector operational resilience

The International Association of Insurance Supervisors (IAIS) has published a draft Application Paper on operational resilience objectives and toolkit. The paper aims to support supervisors and insurers in assessing and addressing operational resilience in line with the Insurance Core Principles (ICPs), in response to increasing complexity, interconnectivity, and reliance on technology and third-party service providers across the insurance sector. Responses are sought by 29 September 2025 and a public background webinar will be held on 17 July 2025 to present the draft paper and address questions.

ESAs jointly consult on draft guidelines for ESG stress testing in banking and insurance

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published a joint consultation paper on 27 June 2025 containing draft guidelines for integrating environmental, social and governance (ESG) risks into supervisory stress tests for banks and insurers. Developed pursuant to Article 100(4) of the Capital Requirements Directive (Directive 2013/36/EU) and Article 304c(3) of the Solvency II Directive (Directive 2009/138/EC), the guidelines aim to ensure consistency, long-term considerations and common standards in ESG stress testing methodologies across the EU financial sector. They outline expectations for competent authorities regarding the design, governance and operational features of such stress tests, including the need for relevant expertise, access to high-quality ESG data and appropriate timelines for scenario analysis. Responses are sought by 19 September 2025, with a public hearing scheduled online for 26 August 2025.

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