FCA confirms increase in Financial Ombudsman Service award limit

Regulatory Updates | 11/03/19

The FCA has confirmed that the Financial Ombudsman Service will soon be able to require financial services firms to pay significantly more compensation to consumers and businesses. From 1 April, the current £150,000 limit will increase to £350,000 for complaints about actions by firms on or after that date. For complaints about actions before 1 April that are referred to the Financial Ombudsman Service after that date, the limit will rise to £160,000. The FCA has also confirmed that both award limits will be automatically adjusted every year to ensure they keep pace with inflation.