Andrew Bailey wants a new approach to help small companies to resolve disputes with financial services providers suzanne plunkett/pa wireSmall business advisers have expressed cautious support for a proposal to extend the remit of the Financial Ombudsman Service to allow it to help more companies to resolve disputes. The City regulator is due to launch a consultation on boosting the service amid concerns that companies have nowhere to turn when they feel mistreated by a financial services provider. The Financial Conduct Authority believes that a more extensive “standing scheme” is necessary to avoid ad hoc redress programmes being set up each time that a commercial lending scandal emerges. Small companies have little protection at present, as commercial lending is unregulated and small business owners can rarely afford to turn to the courts. The Financial Ombudsman Service already offers an alternative as it can rule…

Source: The Times November 13, 2017 00:02 UTC