EMA response to FCA CP1803 on SME Access to FOS

The EMA responds to FCA Consultation on SME access to the Financial Ombudsman Service. EMA expresses concern about the FCA’s proposals to expand the list of eligible complainants to the Financial Ombudsman Service to include SMEs and guarantors. This is a substantial departure from existing practice, and is likely to have a considerable impact, particularly on smaller financial service providers in the payment services sector, where disputes are likely to be complex, and where the financial services provider may themselves be an SME.

View the full response here

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