The FCA has made the following announcement about the FOS award limit.
“When we increased the Financial Ombudsman Service’s award limit in April 2019 we said that each year, from 1 April 2020, we would adjust the award limits for complaints referred to the service on or after 1 April 2019 to ensure they keep pace with inflation. Following the publication of the CPI figures for January 2021 there will be no adjustments made this year to the award limits set out in DISP 3.7.4R.”
Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.
ATEB Compliance offers compliance and regulatory advice.
ATEB Suitability provides report writing software for the financial services market.
Our report writing software has been fully updated to accommodate changes to allowances, rates and reliefs in advance of the 2023/24 tax year. Full details can be found below: Pensions ‘Annual Allowance’ amount updated to £60,000.00. Adjusted income threshold amount for the ‘Tapered Annual Allowance’ updated to £260,000.00. ‘Money Purchase Annual Allowance’ amount updated to […]
Most of the talk in the financial services industry relating to 31/7/23 focuses on Consumer Duty and for good reason, because it will bring big changes for many firms, including a new addition to the FCA’s Principles for Businesses. The new Principle 12 states: “A firm must act to deliver good outcomes for retail […]
The FCA has advised as follows: Last year we launched a new three-year strategy to improve outcomes for consumers and in markets throughout the UK. As our remit is broad and growing, the strategy prioritises resources to prevent serious harm, set higher standards and promote competition. Today we’ve published our Business Plan for […]
In our article last week, we highlighted the deadlines for implementation of Consumer Duty – 30 April and 31 July … … the rules for existing products and services take effect on 31 July and the earlier deadline of 30 April is for Manufacturers to have completed some preparatory work. Hard on the heels […]
Consumer Duty: It’s a matter of Principle
Huw Reynolds Compliance Conduct, FCA, PI, protection
Apologies for the Consumer Duty overload but unless you’re taking a regulatory sabbatical, this is very much a hot topic. There are in excess of 50 FCA Handbooks (rules and guidance). You cannot be expected to be conversant with all of them, but you should have a good handle on the key ones, such […]