FSA: No impact on PII as FOS limit raised to £150k

The FSA today confirmed an increase in the Financial Ombudsman Service (FOS) award limit to £150,000, and proposed rules to scrap the two-stage complaints handling system. Despite the increased FOS limit, the FSA believes there will not be any impact upon professional indemnity insurance premiums for firms. It said: "Given the very small number of cases where redress is in excess of the current limit, it remains our view that the total impact on firms is not likely to be significant." However elsewhere the FSA proposes a massive overhaul of the industry's complaints handling proces...