Home > Latest thinking > Podcasts > Recent Changes to the Financial Ombudsman Service

Recent Changes to the Financial Ombudsman Service

13th November 2019

The Hardwicke Podcast

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.

Listen now

Listen on Apple Podcasts
Listen on Google Podcasts
Listen on Spotify

This content is provided free of charge for information purposes only. It does not constitute legal advice and should not be relied on as such. No responsibility for the accuracy and/or correctness of the information and commentary set out in the article, or for any consequences of relying on it, is assumed or accepted by any member of Chambers or by Chambers as a whole.

Contact

Please note that we do not give legal advice on individual cases which may relate to this content other than by way of formal instruction of a member of Hardwicke.  However if you have any other queries about this content please contact:

Sally Wollaston
Sally Wollaston
Business Development and Marketing Director

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.

Menu