FCA proposes extension of Financial Ombudsman Service to larger businesses

23 January 2018

The Financial Conduct Authority (FCA) has said that it would like to extend the Financial Ombudsman Service (FOS) to larger businesses. Currently, only firms with less than 10 employees can complain to the free Ombudsman, leaving many larger firms with only one option if they want to raise a dispute — an expensive court battle.

Conrad Ford, Funding Options CEO, describes the proposals as a major step forward, commenting:

“It makes no sense that owners of small companies are given extensive protections when purchasing financial products as consumers, yet are assumed to be sophisticated financial experts when acting as company directors.”

You can read the full article here.