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We are consulting on proposed new rules to allow more small and medium-sized enterprises (SMEs) to refer disputes to the Financial Ombudsman Service.
This consultation paper follows our 2015 Discussion Paper (DP15/7), which reviewed whether our rules strike the right balance between providing protection for SMEs and avoiding unnecessary requirements on regulated firms. Following our review, we believe that our current ‘conduct of business’ rules do strike the right balance – as did most respondents to our discussion paper. However, we have found that many SMEs have limited options for resolving complaints and seeking redress.