Ombudsman to Crack the Whip for Small Businesses

By January 22, 2018 Press Releases

Ombudsman to Crack the Whip for Small Businesses

The Financial Conduct Authority (FCA) has today launched a consultation on plans to give more small businesses access to the Financial Ombudsman Service (FOS).

At the moment only individual consumers and around 5.5 million micro-enterprises (the smallest type of business) can access the Ombudsman if they have a dispute with a financial services firm.

Under new plans, the FCA plans to change the eligibility criteria to access the Ombudsman, so businesses with fewer than 50 employees, annual turnover below £6.5 million and an annual balance sheet (i.e. gross assets) below £5 million would become eligible.

Approximately 160,000 additional SMEs, charities and trusts would be able to refer complaints to the Ombudsman under the eligibility changes.

Dr Richard Wilson OBE, Chief Executive Officer of TIGA, said:

“TIGA, and the video games industry as a whole, welcomes the FCA’s plans. The majority of our industry is made up of small and medium sized businesses, many of whom would potentially benefit from the proposed changes to FOS eligibility.

“It is hard work running an SME. If our members have issues with their financial services, it can be difficult to spare the time and resources to pursue the matter in court. Access to the FOS should ensure that disputes can be resolved fairly and affordably. We welcome the potential for the Ombudsman to crack the whip for small businesses.

“While we welcome today’s proposals, there is more that can be done to support small and medium sized businesses in the video games industry. TIGA will continue to campaign on issues including improving access to finance, measures to enhance skills and training and the importance of Video Games Tax Relief.”

About TIGA

TIGA is a not for profit network for games developers and digital publishers and the trade association representing the video games industry. Since 2010, TIGA has won 24 business awards and commendations, an achievement which demonstrates our drive to meet and to exceed best practice. TIGA focuses on three sets of activities:

  • political representation;
  • profile raising; and
  • business services.

This means that TIGA members’ voices are heard in the corridors of power and positively represented in the international, national, regional and trade media. TIGA’s activities also serve to enhance the competitiveness of our members by providing benefits that make a material difference to their businesses, including a reduction in costs and improved commercial opportunities.

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