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Small companies have been left with “nowhere to turn for justice” during banking disputes following a decision not to extend the reach of the Financial Ombudsman Service, according to an employers’ group.
The Financial Conduct Authority said on Tuesday that it would “not be proportionate” to provide access to the ombudsman’s dispute resolution services to companies that do not qualify under existing thresholds.
Access was widened in 2019 to allow consideration of small businesses with annual turnover of less than £6.5 million and either fewer than 50 people or a balance sheet smaller than £5 million.
The regulator said that small and medium enterprises (SMEs) had responded to a review by calling for the turnover limit to be increased.
A bank-funded scheme aimed at larger
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