The FCA has announced a call for input.
We’ve published a call for input on whether the thresholds for small and medium sized enterprises (SMEs) to be able to refer complaints to the Financial Ombudsman Service (Ombudsman Service) remain appropriate.
In 2018, we made new rules extending access to the Ombudsman Service for more SMEs. We’re carrying out a review to understand whether the rules remain appropriate and to ensure that access to the Ombudsman Service remains available for SMEs that are unlikely to be able to resolve disputes with financial services firms through the legal system.
Feedback is requested by 28 April 2023 and will help inform our review, along with analysis of independent survey data and data received from partner organisations including the LSB, the SME Financial Monitor survey, the Ombudsman Service and the Business Banking Resolution Service (BBRS).
Change to FOS compensation limit
The FOS has increased its maximum award limit from £375,000 to £415,000. This takes effect from April 1, the FOS award limit will change to £415,000 for complaints referred to it about acts or omissions by firms on or after April 1 2019 (for complaints referred to it about acts or omissions by firms before April 1 2019, the award limit is now £190,000).
Consumer Duty – FCA information and help
Shirley McKenzie Compliance FCA, PI, Update
The FCA has added to its published information relating to Consumer Duty to help firms with implementation. The most recent addition to the Consumer Duty webpages is an information for firms page to help firms implement the Duty. This explains more on the areas of the Duty that firms have been raising queries […]