Following the introduction of our rules extending access to the Financial Ombudsman Service for more small and medium-sized enterprises (SMEs) in 2019, we have concluded our review of their appropriateness.
Our assessment looked at whether changes needed to be made to allow larger SMEs access to the ombudsman service.
Currently, SMEs are able to access the ombudsman service 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. These thresholds cover 99% of the 5.6 million private sector businesses in the UK.
We have decided that this level of coverage remains appropriate and that it would not be proportionate to extend access to SMEs larger than the current criteria.