The Financial Conduct Authority (FCA) has confirmed an increase to Financial Ombudsman Service (FOS) award limits.
The FOS award limit is the maximum amount a financial services firm can be required to pay when FOS complaints are upheld. Each year the limit is adjusted in line with inflation which is measured by the Consumer Price Index (CPI).
From 1 April 2022, FOS award limits will change to:
- £375,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019
- £170,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms before 1 April 2019
Depending on when the complaint was brought to FOS, different limits apply.