The Federation of Small Businesses has called on the Financial Ombudsman Service to raise awareness of its services with small firms.
It says the FOS should receive specialist training on the needs of small businesses and the FSB would advocate a separate service for small companies.
It says: “It would be helpful if staff could be given training about the competing demands that a small business person faces on their time and the multi-functional role they fulfil as a combination of managing director, finance director and human resources director.”
The FSB says it is concerned that when a complaint is referred, a charge is levied against the adviser, regardless of whether the claim is upheld, yet the complainant bears no financial responsibility.
It says: “No disincentive exists to prevent spurious complaints. Although an adviser is given two free investigations, this is inadequate, given the massive problems surrounding endowments and the subsequent increase in complaints.”