Treasury Committee chair Nicky Morgan has written to the FCA expressing doubts the FOS is ready to increase its remit to deal with the cases of small and medium-sized enterprises (SMEs).
Morgan's (pictured) concerns came in light out of the Treasury Committee's evidence session with the Financial Ombudsman Service (FOS) on the findings of its independent review earlier this month. In January, the Financial Conduct Authority (FCA) published a consultation proposing to allow more SMEs to refer disputes to the ombudsman. In her letter to the FOS, Morgan said: "The FCA has proposed expanding SME access to the FOS from December this year. The Committee is doubtful as to whether the FOS is ready for an increase in its remit within the FCA's timeline. "The proposals shou...
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