On 1 April 2019, the FCA increased the Financial Ombudsman Service’s award limit from £150,000 to £350,000. This applies to complaints referred to the Ombudsman service on or after 1 April 2019 about firms’ acts or omission on or after that date.
The limit for complaints referred to the service on or after 1 April 2019 about pre-1 April acts or omissions, was increased to £160,000.
These limits are adjusted each year to ensure they keep pace with inflation. This is done by applying the percentage increase in the Consumer Prices Index (CPI) between January 2019 and January of the relevant year, and rounding the adjusted figure down to the nearest £5,000.
Following the publication of the CPI figures for January 2020, the award limits are increased as follows:
- For complaints referred to the Ombudsman service on or after 1 April 2020 to £355,000 for complaints about acts or omissions on or after 1 April 2019.
- There will be no changes to the other limits.
How accurate is the data your firm submits to the FCA?
Shirley McKenzie Compliance 2021, Conduct, FCA, PI
The FCA set out in its Business Plan 21/22 how it is changing to improve performance and meet future challenges. Read our previous article setting out a few of the key areas. Firms can learn from the progress to date on one of the key areas … The Early Oversight Function (EOF): stronger oversight […]