Source · Select Committees · Treasury Committee
Recommendation 9
9
Acknowledged
Paragraph: 61
Find replacement dispute resolution for FOS-ineligible SMEs and consult by year end 2024
Conclusion
HM Treasury must find a way to continue to meet the dispute resolution needs of those SMEs ineligible for FOS access (including considering whether the FCA was correct in assuming that expanding the FOS’ thresholds would be a disproportionate cost). A consultation on a replacement mechanism must take place by year end 2024.
Government response summary AI-generated
The government generally supports the Financial Ombudsman Service (FOS) and describes its important role in resolving disputes, but does not commit to finding a new mechanism for ineligible SMEs or consulting on a replacement.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
61
Government Response
Acknowledged
HM Government · verbatim extract
Acknowledged
14. The Government is committed to ensuring that SMEs have appropriate access to redress now and in the future, with proportionate regulation and oversight of business banking.
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