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.
![iStock-2156168033 [Converted]](https://news.ateb-group.co.uk/wp-content/uploads/2024/11/iStock-2156168033-Converted-1920x960-250x230.jpg "iStock-2156168033 [Converted]")
Template Enhancements: Inheritance Tax (IHT) & Pensions
Doug McFarlane Suitability 2024, Budget, content management, IHT, Inheritance Tax, Pension, Pensions, PI, protection, Suitability Review, Template Enhancement, Update
To prepare for the introduction of Inheritance Tax (IHT) on pensions starting in April 2027, we have implemented the following template update: A new wizard question has been added to the ‘Current IHT Position’ table. This allows users to include pension assets in the estate value when calculating a client’s potential IHT liability. Please […]