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<p>On 1 April 2019 the Financial Conduct Authority (FCA) widened eligibility to take
a complaint to the Financial Ombudsman Service (FOS) to include ‘small businesses’
who have:</p><ol><ol><li><p>an annual turnover of less than £6.5m; and</p></li><li><p>an
annual balance sheet total of less than £5m; or</p></li><li><p>fewer than 50 employees.</p><p>‘Micro-enterprises’
were already eligible, and over 99% of businesses are now within the remit of the
FOS. The FCA also increased the maximum FOS award limit to £350,000.</p><p> </p><p>The
banking industry have also committed to establishing a new Dispute Resolution Service
to resolve both future complaints from businesses with a turnover between £6.5m and
£10m, and unresolved historic complaints.</p></li></ol></ol>
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