Just extract it to your Mass Effect 3\BIOGame\CookedPCConsole folder, and replace the original file. Make a backup of Coalsced.bin just to in case something goes wrong.
To change the FOV, simply press the 'zoom in' button (default Mouse Button 2). When you change the field of view, the cutscene and dialogue FOV is also changed, so they look a bit weird. To fix this, press the Mouse Button 1 once the cutscene/dialogue starts to restore to the original FOV. After that just press Mouse Button 2 again to increase the FOV.
I've seen other fixes, but you couldn't zoom in once you changed the FOV. Using this fix, the zoom in also works.
Default FOV:
110 FOV:
