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On 1 April 2019, the Financial Conduct Authority (FCA) enacted new rules that substantially expanded the jurisdiction of the Financial Ombudsman Service (FOS). Whereas previously it was limited to awarding complainants redress of £150k, that figure is now £350k. In addition, the categories of eligible complainant will now include not only individuals and ‘micro enterprises’ but also SMEs (small to medium enterprises) whose turnover is below £6.5m and who have either less than 50 employees or a balance sheet total of less than £5m.
This podcast by James Hall and Tom Bell covers:
• an explanation of the new rules,
• the practical impact of the changes,
• areas of contention,
• recent developments in Alternative Dispute Resolution (ADR).
By listening to this podcast, you will gain:
• an understanding of the FOS’s new jurisdiction,
• an appreciation of the new rules’ practical significance and impact on your clients.
Each Gatehouse Chambers Podcast episode gives an informal view of important legal issues impacting individuals as well as companies and other legal entities. They will be of interest particularly to legal practitioners, law students and those interested in joining the legal profession and also the general public. The Gatehouse Chambers Podcast series concentrates on topics arising from Chambers' key practice areas which are: commercial dispute resolution (including not only litigation in court but also all forms of ADR such arbitration, adjudication, expert determination, mediation and early neutral evaluation. The topics range across banking and finance, civil fraud and asset tracing, employment and executive disputes, shareholder and partnership disputes, franchising, intellectual property and private international law.); construction and engineering (including arbitration, adjudication, property damage, construction insurance, energy and renewables as well as construction insolvency); insolvency and restructuring (including personal and corporate insolvency/bankruptcy and directors’ disqualification); insurance (including insurance coverage disputes, construction insurance, indemnity insurance and litigation insurance); private client (including trusts, TOLATA, contentious probate, Inheritance Act claims, community care, Court of Protection and social welfare and benefits); professional liability in the fields of personal injury and clinical negligence, financial professionals, insolvency professionals, directors and officers, legal professionals, property professionals and construction professionals; property (including commercial landlord and tenant, development, planning, social housing, private rented accommodation, leasehold and leasehold management, real property, mortgages and trusts of land).