FCA consulting on widening access to FOS for SMEs
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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