FCA consulting on widening access to FOS for SMEs

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Consultation runs until April with rules set to be announced this summer.

The Financial Conduct Authority (FCA) has launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service (FOS).

At the moment only individual consumers and around 5.5million micro-enterprises (the smallest type of business) can access the FOS if they have a dispute with a financial services firm.

In theory businesses that cannot go to the ombudsman can take a financial services firm to court.

However the FCA stated that it believes that many smaller

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