Plans to increase the FOS award limit may have largely been greeted with dismay but, writes Tim Sargisson, the actions of the FCA are arguably a measured response to what it sees - and necessary for consumer protection
The news from the Financial Conduct Authority (FCA), confirmed in PS19/8, increasing the award limit for the Financial Ombudsman Service (FOS) was greeted with dismay by many in the advice profession. Under the compensation limit increase proposals, complaints where the act or omission in question happened after 1 April 2019 will be subject to a £350,000 award limit. If a complaint is made after 1 April 2019 about an act or omission that happened before that date, the award limit would be £160,000 plus interest in line with the Consumer Price Index. By its own admission, the FCA ackno...
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