The Financial Conduct Authority (FCA) has confirmed that the Financial Ombudsman Services (FOS) compensation limit will increase from £350,000 to £375,000 on 1 April 2022.
The award limits will change to £375,000 for complaints referred to the ombudsman on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019, and £170,000 for complaints referred to on or after 1 April 2022 about acts or omissions by firms before 1 April 2019. The FOS's award limit is the maximum amount it can require a firm to pay out when a complaint is upheld. The limit is adjusted each year in line with inflation, the Financial Conduct Authority has confirmed, as measured by the consumer prices index. The rise in award limits, which is going up alongside i...
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