FCA considers raising FOS redress limit above £150k for SMEs

The move is part of a wider paper from the regulator on whether the level of protection provided to small and medium sized enterprises (SMEs) in its rules and guidance is broadly right. It comes in the wake of the widespread mis-selling of interest rate swap products to small busineses by banks. In a discussion paper published on 27 November, the FCA is also asking whether more SMEs should be given access to the Financial Ombudsman Service (FOS). Currently, only a small percentage of small businesses are ineligible for FOS protection. Christopher Woolard, director of strategy and c...