Context
The FOS award limit is the maximum amount it can require a financial business to pay when it upholds complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI).
Key points to note
The FCA has confirmed that, from 1 April 2023, The FOS award limits will go up to:
- £415,000 (up from £375.000 – a 10.7% increase) for complaints referred to FOS on or after 1 April 2023 about acts or omissions by firms on or after 1 April 2019
- £190,000 for complaints referred to FOS on or after 1 April 2023 about acts or omissions by firms before 1 April 2019
Different limits apply depending on when the complaint was brought to the FOS. Current and previous limits can be found on the FOS’ understanding compensation page.
Next actions
None – for information and awareness.