FCA confirms increase to FOS award limit
The Financial Conduct Authority (the FCA) has increased the Financial Ombudsman Service's award limit with effect from 1 April 2019.
The award limit of £150K will continue to apply to any complaint referred to the FOS before 1 April 2019.
The current limit of £150,000 has increased to £350,000 for complaints about acts or omissions by firms which take place on or after 1 April 2019 and £160,000 for complaints about acts or omissions by firms which take place before 1 April 2019 and which are referred to the FOS on or after 1 April 2019.
From 1 April 2019 onwards, both of the above award limits will be automatically adjusted each year in line with inflation, using the Consumer Prices Index for the preceding January.