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Increase to award limits

Mar 25, 2022 | FOS

Link(s):https://www.financial-ombudsman.org.uk/news-events/increase-award-limits

Context

Following on publication of the FCA’s PS19/8, the rules to increase the Ombudsman Service’s award limit will increase from 1st April 2022. The rules were set to go live in April 2020 but were pushed back due to the Covid19 pandemic.

Key points to note

The FOS award limits will change to:

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

For any complaints referred to the ombudsman service before 1st April 2019, the limit will remain at £150,000.

Next actions

Whilst we have included this item for information and awareness, we suggest all firms review to ensure they have robust complaints procedures in place; please contact our compliance experts if you need support with this.