FOS told to scrap £100,000 award limit

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...