Whether you’re classified as a Non-Sophisticated or Sophisticated claimant (for the purposes of qualification of the FCA’s redress scheme) we’d like to hear from you.
Click here to access the FCA’s guidelines on establishing whether you qualify as Non-Sophisticated or Sophisticated claimant.
Definition of Non-Sophisticated or Sophisticated designation
Where the customer entity doesn’t belong to a Companies Act group, the thresholds in this test are applied to the individual customer entity, whether it’s a partnership, limited partnership, LLP, etc.
For these purposes the Companies Act thresholds for small companies are:
- Turnover of more than £6.5million
- Balance sheet total of more than £3.26 million, or
- More than 50 employees