🐺 The Wolves Cheer as the Sheepdog is Muzzled: A Warning Ahead of Mansion House

By Steve Conley | Academy of Life Planning

“The function of protecting and developing health must rank even above that of restoring it when it is impaired.”
— Hippocrates

The wolves are howling their approval. They’ve convinced the farmer that the sheepdog is a nuisance—too aggressive, too independent, too protective of the flock. The solution? Remove its teeth.

That, in essence, is what’s happening as the Treasury prepares to unveil proposals to reform the Financial Ombudsman Service (FOS) in its next Mansion House speech.

A Dangerous Reframing

On the surface, the move to bring FOS “closer in alignment” with the FCA rulebook may sound like tidy governance. But the subtext is clear: FOS is being reshaped to better serve the growth ambitions of the financial services industry—not the people it was built to protect.

This is not reform. It’s regression. And it’s not about balance; it’s about removing the last vestiges of independent scrutiny.

The FOS Was Never Meant to Be a Courtroom

FOS was designed to provide a simple, informal route to redress for consumers who lack the legal firepower of financial institutions. It wasn’t built to mimic a court, but to serve justice where technical compliance fails to equate to fair outcomes.

Now, advisers and lobby groups argue it’s “overstepping.” They want complaints judged solely on rule breaches. They want appeals systems that tie consumers in knots. And they want a “long stop” to erase accountability for historic wrongs.

Their goal is clear: legalise injustice.

Consumer Protection as an Obstacle to Growth?

These proposed reforms don’t stand alone. They are part of a wider effort—backed by Mansion House speeches and City lobbying—to prioritise “economic growth” over public accountability.

They say FOS needs reform because firms feel “uncertain.” But what of the uncertainty faced by the ordinary pension saver, mis-sold in good faith and dismissed for lack of technical proof?

They say firms need “confidence.” But what of the confidence of the public, who have watched too many complaints whitewashed, too many firms walk free, and too many victims left without redress?

The True Cost of Alignment

Firms already have compliance departments whose first concern is not the client’s wellbeing, but the likely view of the Ombudsman. That should tell us something.

If FOS is reduced to a rubber stamp for FCA rulebooks written by industry consensus, then it is no longer a watchdog. It is a house pet, trained to sit quietly while the City feeds.

Who Is This For?

The Treasury says it’s listening to advisers. But is it listening to victims? Is it listening to those failed by regulated advice, where even “perfect” files concealed poor outcomes?

Let’s be honest: the real alignment happening here is political. Regulatory capture is now so complete, the question isn’t whether consumers will be left vulnerable—but how much longer they’ll be deceived into believing they’re protected.

A Final Warning Before July 15

Expect the next Mansion House speech to be dressed in the language of modernisation and efficiency. But know this: every new “appeals process,” every call for “alignment,” every limitation placed on FOS—is another muzzle on the sheepdog.

And when the watchdog can no longer bite, the wolves don’t just celebrate.
They close in.

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About Get SAFE

Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.

We exist in memory of Ian Davis—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.

Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.

Because financial justice is not a luxury.
It’s a human right.

If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.

 Learn more at: Get SAFE (Support After Financial Exploitation).