| Link(s): | Ombudsman News 190 (financial-ombudsman.org.uk) Financial Ombudsman Service – Plans and Budget 2024-25 (financial-ombudsman.org.uk) |
Context
FOS has published issue 190 of Ombudsman News.
Key points to note and next actions
The areas covered in this issue are:
- Plans and Budget for 2024/25
- The award limit is the maximum amount FOS can require a financial business to pay when FOS uphold complaints. The FCA has confirmed that, from 1 April 2024, the award limits will go up to:
- £430,000 for complaints referred to FOS on or after 1 April 2024 about acts or omissions by firms on or after 1 April 2019
- £195,000 for complaints referred to FOS on or after 1 April 2024 about acts or omissions by firms before 1 April 2019
For full details of the different limits that apply, depending on when the complaint was brought to FOS, refer to the FOS’ Understanding Compensation webpage.