FOS increases awards limit

The FCA has confirmed the increase to the FOS’ award limits. The FOS award limit is the maximum amount the FOS can require a financial services firm to pay when a complaint is upheld. From 1 April 2022, the award limits will change to:

•    £375,000 for complaints referred to us on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019
•    £170,000 for complaints referred to on or after 1 April 2022 about acts or omissions by firms before 1 April 2019

Source: FOS