Stafford MP welcomes expanded remit of FOS

Stafford MP, Jeremy Lefroy has urged local businesses to make use of the Financial Ombudsman Service (FOS) if they encounter problems with financial services companies.

Set up by Parliament, the FOS was set up to resolve individual disputes between consumers and financial businesses for all kinds of money matters – fairly, reasonably, quickly and informally. If a business and a customer can’t resolve a complaint themselves, they can give an unbiased answer about what’s happened. If they decide someone’s been treated unfairly, they have legal powers to put things right.

The FOS are currently able to look into complaints made by very small business customers of financial services providers, as well as from certain small charities and trusts. But from 1 April 2019, the FOS will be able to resolve complaints from the vast majority of small and Medium Enterprises (SMEs): well over 99% of businesses will have access to it.

The remit of the FOS will also be extended to complaints about claims management companies.

Commenting, Jeremy said: “It is crucial that SMEs have access to appropriate dispute resolution mechanisms, should they need to resolve a complaint with a financial services firm. These changes being introduced in April will ensure that this will be the case.”