Recent Changes to the Financial Ombudsman Service

On 1 April 2019, the Financial Conduct Authority (FCA) enacted new rules that substantially expanded the jurisdiction of the Financial Ombudsman Service (FOS). Whereas previously it was limited to awarding complainants redress of £150k, that figure is now £350k. In addition, the categories of eligible complainant will now include not only individuals and ‘micro enterprises’ but also SMEs (small to medium enterprises) whose turnover is below £6.5m and who have either less than 50 employees or a balance sheet total of less than £5m. This podcast by James Hall and Tom Bell covers: • an explanation of the new rules, • the practical impact of the changes, • areas of contention, • recent developments in Alternative Dispute Resolution (ADR). By listening to this podcast, you will gain: • an understanding of the FOS’s new jurisdiction, • an appreciation of the new rules’ practical significance and impact on your clients.