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.
Consumer Duty – the shape of things to come?
Paul Jay Compliance 2021, complaints, Conduct, email, FCA, Pension, Pension Transfer, PI, platform, Register, Switch, transfer, Xplan
In its numerous publications prior to the implementation of Consumer Duty, the FCA promised that it would be more proactive and take a forward looking view, rather than acting with the benefit of hindsight – something for which it has received criticism previously. We’ve been waiting to see how this would pan out and didn’t […]