Whit FOS an FSCS cover — an why a lendin tae a company faws ootwith baith

Summary: the Financial Ombudsman Service (FOS) is a free, independent service that sorts disputes atween financial firms an eligible customers. The Financial Services Compensation Scheme (FSCS) is the UK's statutory scheme that peys compensation, up tae set leemits, whan an authorised financial firm fails.

Why business lendins faw ootwith baith

Baith schemes are biggit aroon regulated activitie an, lairgely, aroon protectin individuals. A lendin tae a leemitit company or LLP for business purposes isna a regulated consumer-credit agreement, acause o Article 60B FSMA RAO 2001. Sae a Credicorp business lendin is no covered bi the FOS an is no covered bi the FSCS.

Yer route gin somethin gangs wrang

Ye raise it throu oor internal complaints process. Gin it canna be sortit, the final escalation is the coorts, raither than an ombudsman. Free independent debt help is aye available, includin Business Debtline (0800 197 6026).

Scots summary — the hale English version o this airticle is the authoritative ane. Read the hale airticle in English