FCA consults on SME access to FOS

Regulatory Updates | 24/01/18

The FCA published a consultation paper on extending access to the Financial Ombudsman Service (FOS) to small and medium-sized enterprises (SMEs) (CP18/3). The FCA is issuing CP18/3 jointly with the FOS on the basis that the FOS considers the changes the FCA proposes making to its compulsory jurisdiction should also be made to its voluntary jurisdiction. The FCA is proposing to extend the rules to approximately 160,000 additional SMEs, charities and trusts, by changing the eligibility criteria. Businesses with fewer than 50 employees, annual turnover below £6.5m and an annual balance sheet (ie gross assets) below £5m would become eligible.

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