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.