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.
Budget Announcement: Stamp Duty Land Tax & Capital Gains Tax Changes
Doug McFarlane Suitability 2024, Budget, content management, Mortgage, PI, Suitability Review, Template Enhancement, Update
Following the Chancellor’s budget announcement on 30th October 2024, we have updated ATEB Suitability to reflect the changes in Stamp Duty Land Tax (SDLT) and Capital Gains Tax (CGT) rates. The revised SDLT rates are available in the optional Glossary of Terms when making Mortgage Recommendations. For CGT, the updated rates can be found in […]