The maximum award the financial Ombudsman (FOS) could order firms to pay in client redress may double to £200,000, a City law firm suggests.
An FSA questionnaire sent to a sample of financial firms asks principals to state how much redress they have paid in the last year via the FOS and court awards. It asks on how many occasions awards were limited by the current £100,000 FOS maximum, and by how much. The listed options are: £0-£50k, £50-100k £100-150k and £150-200k. City law firm Reynolds Porter Chamberlain (RPC) says the communication, which will inform an upcoming FSA consultation on client redress, suggests the FSA is considering increasing the FOS's maximum award from £100k to £150k or £200k. In the regulator'...
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