Recent Changes to the Financial Ombudsman Service – Hardwicke Chambers

Posted November 20th, 2019 in financial regulation, jurisdiction, news, ombudsmen by sally

‘On 1 April 2019, the Financial Conduct Authority (FCA) enacted new rules that substantially expanded the jurisdiction of the Financial Ombudsman Service (FOS). Whereas previously it was limited to awarding complainants redress of £150k, that figure is now £350k. In addition, the categories of eligible complainant will now include not only individuals and ‘micro enterprises’ but also SMEs (small to medium enterprises) whose turnover is below £6.5m and who have either less than 50 employees or a balance sheet total of less than £5m.’

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Hardwicke Chambers, 13th November 2019