Context
The FCA has published a call for input on whether the thresholds for SMEs to be able to refer complaints to FOS remain appropriate.
Key points to note
In 2018, the FCA made new rules extending access to the Ombudsman Service for more SMEs. Since then, the Ombudsman Service has received complaints from 4,782 newly eligible SMEs, of which 2,891 related to banking services and 1,835 to insurance. This review is being carried out to help the FCA 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.
The call for input represents the start of a post-implementation review of the impact of the 2018 rules.
Feedback is requested by 28th April 2023 and will help inform the 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).
Next actions
None – for information and awareness.