The government's plans to reform the Financial Ombudsman Service (FOS) will significantly limit (but not remove) its quasi-regulatory function.  As part of its Leeds Reforms announced in July 2025, the government launched "the most significant reform of the [FOS] since its inception". While the FOS will still determine complaints based on what is fair and reasonable, where Financial Conduct Authority rules are material to the complaint a firm will be deemed to have acted fairly and reasonably if it complied with those rules in a manner consistent with the FCA’s intent. A proposed 10-year longstop in which complaints must be made (subject to limited exceptions) would also address a long-standing grievance. The result should be fewer of the more egregious examples of the FOS applying different standards to those generally understood by firms, but it will remain a highly consumer-friendly complaint resolution forum.