In March 2019 the FCA published PS19/8 to increase the ombudsman service’s award limit from £150,000 to £350,000 for complaints about acts or omissions by firms on or after 1 April 2019. It was increased to £160,000 for complaints referred to the service on or after 1 April 2019 about earlier acts or omissions.
At that time, the regulator confirmed that from 1 April 2020 both award limits would be automatically adjusted each year to ensure they keep pace with inflation, as measured by the Consumer Price Index (CPI) subject to the adjusted figure being rounded down to the nearest £5,000.
The CPI figures for January 2022 have been released and from 1 April 2022 the limit is increased to £170,000 for complaints referred to the ombudsman service on or after 1 April 2022, about acts or omissions that took place before 1 April 2019. It is increased to £375,000 for complaints referred on or after 1 April 2022, about acts or omissions that took place on or after 1 April 2019.
Tax Year End Update
Doug McFarlane Suitability 2024, Pension, transfer, Update
Our report writing software has been fully updated on 6th April 2024 to accommodate changes to allowances, rates and reliefs for the 2024/25 tax year. Full details can be found below: Pensions Existing ‘Lifetime Allowance’ wording removed and replaced with new ‘Lump Sum Allowance (LSA)’ and ‘Lump Sum and Death Benefit Allowance (LSDBA)’ wording. In […]