FOS told to scrap £100,000 award limit

clock •

The Financial Ombudsman Service (FOS) should scrap or substantially raise its £100,000 redress limit, urges the All Party Parliamentary Group on Insurance and Financial Services (APPGIFS).

In its recommendations to Lord Hunt who is conducting a review of the FOS, APPGIFS says the existing limits on binding awards were established over a quarter of a century ago and have not increased in line with financial transactions carried out by retail and small business customers. It would like to see the limit abolished altogether but accepts some ceiling would need to be imposed. “This would need to be at a level that would prevent the overwhelming majority of complainants contemplating the courts as a viable alternative to the FOS,” it says. The APPGIFs also says it is again...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

News editor's view: Four big stories and a few hard truths

News editor's view: Four big stories and a few hard truths

The news editor's Friday Night Takeaway from 16 October

Isabel Baxter
clock 16 October 2026 • 2 min read
Feel Good Friday: National Pension Tracing Day launches 2026 campaign with first-ever public awareness event

Feel Good Friday: National Pension Tracing Day launches 2026 campaign with first-ever public awareness event

Secondsight leads campaign

Professional Adviser
clock 16 October 2026 • 1 min read
Andrew Goodwin: Five steps towards advice for everyone

Andrew Goodwin: Five steps towards advice for everyone

Long-term hopes for financial advice

Andrew Goodwin
clock 15 October 2026 • 5 min read