FIN.

FCA publishes final rules on expansion of FOS jurisdiction to SMEs

The FCA has now published final rules confirming the expansion of the jurisdiction of the FOS to include certain SME customers.

The new rules will mean that from 1 April 2019, the FOS will be able to hear complaints from SMEs who meet two of the three following criteria –

  • fewer than 50 employees;
  • annual turnover of under £6.5 million;
  • annual balance sheet total of under £5 million

Complaints will also be accepted from charities and trusts that meet broadly similar criteria, and certain guarantors will also come within the scope of the new jurisdiction.

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Roseyna Jahangir