The current Financial Ombudsman Service (FOS) Rules only allow businesses classed as “micro-enterprises” to participate in the FOS complaint redress scheme. At the end of January 2018, the Financial Conduct Authority (FCA) opened a consultation on proposals that would extend access to the FOS to a much larger group of businesses. The FCA consultation identifies that “small businesses often have more in common with individual consumers”, and “small businesses that buy or use financial products […]
Greater access for businesses to the Financial Ombudsman Service
Claims or complaints about Fixed Rate Loans – update
Many thousands of businesses have been struggling over recent years to deal with the implications of long term fixed rate loans: ongoing interest costs significantly above current base rate, and unexpectedly high break cost charges for repaying loans early or refinancing. Businesses often feel that they were not fairly informed about the implication of long term fixes when entering into the loan and would either have not fixed their rate, would have chosen a different […]
Payment Scams and Fraud – to what extent is a bank responsible?
Payment scams and fraud are of regular concern now to consumers and small businesses who often feel that their bank could and should have done more to prevent, often substantial amounts of money, being extracted from them by fraudsters. We regularly advise businesses facing such difficulties on the extent to which they have legal recourse against their bank. There are a number of types of law to consider in this area. In terms of […]
RBS announce complaints procedure for GRG customers
In advance of full publication of the report by Promontory, commissioned by the FCA into the treatment of customers within RBS’s Global Restructuring Division, RBS have today announced that they are commencing a new complaints procedure and fee refund, for SME customers. Full details are available on RBS’s website (http://www.rbs.com/news/2016/november/GRG.html) and affected businesses should review this link. In summary, there are two elements to the process, the first being an automatic refund of certain categories […]