In its report on access to banking services for smaller firms, TSC criticises the debanking of legitimate businesses and the processes for resolving disputes between SMEs and banks and calls on FCA to force banks to be more transparent about why decisions to debank businesses are taken.  The report also recommends that FCA gives FOS the powers to address personal guarantees for smaller firms.  TSC also calls on PRA not to go ahead with plans to scrap the SME supporting factor in the new Basel 3.1 standards.

FOS has published its latest complaints data, noting that the number of financial complaints received in H2 2023 rose by a fifth.  Credit card complaints reached an all-time high of 5,660 complaints in the last three months of 2023.  FOS also notes an increase in GI cases, particularly with regard to motor insurance. 

TSC has now published the text of a letter from FOS to FCA (dated 6 February 2024) which sets out what FOS describes as possible gaps in DISP related to the small business jurisdiction.

FCA has published the latest set of complaints data for H2 2023.  The product groups that experienced an increase in their complaint numbers were: banking and credit cards (up 3.2%), home finance (up 3.7%), and investments (up 3.4%).  

Further to a hearing held in February 2024, TSC has now published the text of a letter from FOS which provides clarifications and answers to follow-up questions.  Topics include: 18-month old cases; fraud cases; motor finance commission cases; fractional timeshare cases, and debanking cases.  TSC highlights the latter in a press release.

Following a consultation, FOS has published its final Plans and Budget.  FOS notes that it had estimated it would receive around 181,300 new cases in 2024/25. Following discussion with businesses and consumer groups that figure has risen to 210,000.

From 1 April 2024, FOS award limits will go up to: (i) £430,000 for complaints referred to it on or after 1 April 2024 about acts or omissions by firms on or after 1 April 2019; and (ii) £195,000 for complaints referred to it on or after 1 April 2024 about acts or omissions by firms before 1 April 2019,

FOS has published Q3 2023/24 complaints data.  FOS highlights an increase on the number of complaints received in the same quarter of last year; notes that complaints relating to credit cards reached the highest level ever recorded in a three-month period, whilst all the top five most complained about products have seen year-on-year increases, with current accounts continuing to be the most complained about financial product.

The complainant believed that FCA had intentionally, or recklessly, misled them and the Complaints Commissioner, with regard to an automatic divert applied to emails they sent to FCA, meaning that meant individuals, other than the intended recipient, were able to review the emails.  The Complaints Commissioner strongly criticises the regulator and recommended a £500 ex gratia payment.  FCA has apologised and agreed to the payment.

HMT has announced that Rachel Kent will succeed Amerdeep Somal as the Financial Regulators Complaints Commissioner, serving a five-year term starting on 1 January 2024.