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Governing Body/Regulator just semantics. The FCA rule over conduct of firms like 118 118. The FOS can report lenders to the FCA if they do not abide by their recommendations and ultimately their credit licenses and ability to operate in the UK can be withdrawn.
The FOS whether you happen to agree or not are determining that firms are lending irresponsibly and firms like 118 118, Casheuronet (Quickquid and pounds to pocket) are not behaving correctly and are having action taken against them in thousands of cases each month.
This has the potential to be the next big reclaim now the PPI fightback is nearly finished..
Don't be ridiculous.
For Cazza Wayman and friends the short term loan market is simply a very easy one to target, currently.
Did you not see the panarama programme in June 19 where the FCA refused to comment even.
These so-called help sources will always go for easiest first.