Chief executive of the Financial Conduct Authority (FCA) Andrew Bailey is working with parliament to create an "adequate complaint resolution mechanism" for small firms, he has said.
In an interview with the Yorkshire Post on 24 January Bailey (pictured) said Britain was lacking a proper system for SMEs which have been mistreated by banks. Banks were found to have missold interest rate hedging products to small firms from 2001, leading to a full review of the sales in 2013 and compensation payouts totalling hundreds of millions of pounds in the following years. Some commentators had criticised the regulators for failing to act promptly. But Bailey said the industry was missing an independent adjudicator on such issues, similar to the Financial Ombudsman Servi...
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