Financial Ombudsman Service chief executive Caroline Wayman has told the FCA the complaints body would be ready to take on claims from small businesses, charities and trusts.
Attending an FCA board meeting from 25-26 July, Wayman said that the FOS had already been preparing to take on potential new responsibilities, and was confident the complaints adjudicator would be up to the challenge.
The FCA board is currently considering a proposal to extend the jurisdiction of FOS that would see it cover larger SMEs, charities and trusts, as well as a new category of personal guarantors.
In order to extend its jurisdiction, the FCA says it needs full confidence that the FOS will address the review’s recommendations.
The board also said it needed to see “robust plans” are in place to prove the FOS can manage any extended duties adequately.
The FCA agreed in principle to extend the jurisdiction of the FOS, subject to receipt and confirmation of a suitable proposal for managing the new remit.
The extension is deferred until FOS provide further details of its plans to combat issues raised in the review.