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Coronavirus Blog Series:
Financial Ombudsman – SME Complaints

Published 2 September 2020

A new report by the Financial Ombudsman has revealed an increase in the number of complaints received from small and medium-sized enterprises since the start of the Coronavirus crisis in March 2020.

The service stated that of the 3,500 complaints received since the introduction of lockdown, 20% of these related to business protection insurance. The report highlights that many SMEs said that they did not have cover under their business interruption insurance policy to make a successful claim.

The subsequent emergency support schemes for businesses also prompted further complaints; with some SMEs reporting a delay in the processing of their application, the releasing of funds or having their applications declined.

Caroline Wayman, Chief Ombudsman and Chief Executive of the service, commented: “Covid-19 has had a huge impact on virtually all elements of our lives, including our finances. Since measures to control the virus in the UK were put in place, we’ve been hearing from people who aren’t happy with how their financial provider has treated them. Some financial businesses must continue to do more to ensure they are treating their customers fairly.”

MKB Law’s Dispute Resolution team headed by Associate Director Jonathan Jackson, has vast experience in bringing and defending financial claims for small businesses. We have particular expertise in:

Banking fraud/Payment Services regulations payments;

Breaches of contract and mandate;

Calls on personal guarantees

Should you require any further information on the above, please contact the Dispute Resolution team at MKB Law on 028 9024 2450 or info@mkblaw.co.uk

This article is for general guidance only and should not be regarded as a substitute for professional legal advice. Sources: BBC News & Financial Ombudsman

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