Regulatory Alerts2018-01-19
Added · Updated
PS18/21: SME access to the Financial Ombudsman Service – near-final rules
The Financial Conduct Authority publishes near-final rules to amend the definition of an eligible complainant in the DISP section of the Handbook, extending access to the Financial Ombudsman Service to small and medium-sized enterprises, charities, trusts, and personal guarantors. Eligible SMEs must meet an annual turnover threshold of £6.5m and satisfy either a headcount test of 50 employees or an annual balance sheet total of £5m. The rules are provisionally scheduled to come into force on 1 April 2019, pending finalization after the Oversight Committee reviews the ombudsman service's 2019-20 business plan and budget.
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