FCA confirms no changes needed on SME access to FOS

On 1 April 2019, rules extending access to the FOS for more SMEs came into force. The rules allowed SMEs to access the FOS if they have a turnover of less than £6.5 million and fewer than 50 employees, or a balance sheet total of less than £5m. This covered 99% of the 5.6 million private sector businesses in the UK.

FCA has now reviewed the appropriateness of these rules and whether changes needed to be made to allow larger SMEs access to the FOS. It concluded that access to the FOS should not be extended to SMEs over these thresholds.