FOS chief defends £350k award despite ‘minimal’ impact

Industry News | 26/11/20

The chief executive of the Financial Ombudsman Service has defended the disruptive increase of its compensation limit despite the fact fewer than 50 cases have been awarded extra cash.

Speaking at a Treasury select committee yesterday (November 9), Caroline Wayman said the number of cases impacted by last year’s compensation limit increase — from £150,000 to £350,000 — was “relatively minimal”.

She said: “It is quite a small impact. Less than 50 cases have been given between £150,000 and £350,000 so far and in the scheme of the number of cases, is relatively modest.

Source: FT Adviser