FCA opens survey on SME thresholds for FOS insurance complaints
The Financial Conduct Authority has launched a review on shifting the thresholds for SMEs to be able to refer complaints to the Financial Ombudsman Service, as it revealed there have been 1,835 insurance complaints since the rules came into force on 1 April 2019.
The 2019 rules, following a consultation in 2018, were designed to give ombudsman access to SMEs that probably did not have enough money to fight through the courts.
Related FCA grants more SMEs access to FOS FCA consulting on widening access to FOS for SMEsPreviously, only individual consumers and micro-SMEs with fewer than 10 employees and turnover of under €2m (£1.75m) could go to the FOS. However, after the change this was widened to SMEs with turnover of under £6
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