Financial Ombudsman Service (FOS)

We have regular contact with the Financial Ombudsman Service (FOS) on a number of topics of interest, including the FOS corporate and budget plan. These discussions recognised the implications for smaller firms and in particular, the potential for increased complaints in the current economic climate and the cost implications for smaller firms.

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What the SBPP has said previously on this topic:

The SBPP has had regular contact with the FOS and during 2007 and 2008 was pleased to note the proposal to increase the number of “free” cases from 2 to 3 - which should be beneficial for smaller firms - and the FOS’s creation of a dedicated taskforce to deal with smaller firm issues in a more focused way.

 

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