FCA, FSCS & Financial Ombudsman Knowledge Centre
Every UK mis-selling claim runs through one or more of three bodies: the Financial Conduct Authority (rulemaker), the Financial Services Compensation Scheme (payer of last resort) and the Financial Ombudsman Service (free alternative to court). This centre explains what each does and when to use them.
Quick Answer: The FCA sets the rules (COBS suitability, Consumer Duty 2023). The FOS resolves complaints against firms still trading, free to consumers, awards up to £455,000. The FSCS pays out when an FCA-authorised firm is in default, up to £85,000 per claim. A complaint must go to the firm first (8-week response window under DISP 1.6). Source: FCA Handbook; FOS Annual Report 2024/25; FSCS COMP.
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