Update to FCA Handbook increases maximum award limits for FOS complaints on or after 1 April 2020

Regulatory Updates | 06/03/20

The Financial Conduct Authority (FCA) has published Non-legal changes document 2020, which lists minor corrections and clarifications made to the Handbook. The document notes that section 3.7.4 of the Dispute Resolution: Complaints sourcebook (DISP) has been amended to set the maximum award limit to £355,000 for a complaint concerning an act or omission which occurred on or after 1 April 2019, and is referred to the Financial Ombudsman Service (FOS) on or after 1 April 2020. The limit for maximum awards for complaints about acts or omissions before 1 April 2019, referred to the FOS on or after 1 April 2020, is set at £160,000.