Speech by Andrew Bailey, Chief Executive of the FCA, delivered at the launch of the St Mary’s University School of Business and Society, London.
The changes will mean that SMEs with an annual turnover below £6.5m and fewer than 50 employees, or an annual balance sheet below £5m will now be able to refer unresolved complaints to the ombudsman service.
Independent panel will look at how funding supports the needs of England, Scotland, Wales and Northern Ireland
These reports assess jurisdictions against the updated standard which incorporates beneficial ownership information of all relevant legal entities and arrangements, in line with the definition used by the Financial Action Task Force Recommendations.
The proposed increase will see levels rise from £150,000 to £350,000 and the trade association highlighted concerns about the potential impacts that the rise could have on the competitiveness of the market and the advice gap.