FCA grants more SMEs access to FOS
Regulator also consulting on raising maximum compensation limit to £350,000.
The Financial Conduct Authority (FCA) has confirmed plans to widen access to the Financial Ombudsman Service (FOS) for more SMEs.
The watchdog consulted on its proposals in January 2018.
According to the FCA respondents strongly supported the suggested extension and provided valuable feedback on the tests for what constitutes an SME that is able to use the ombudsman service.
It has now published near-final rules so the FOS can start putting necessary measures in place.
Turnover
The regulator
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