The Finance Conduct Authority (FCA) has confirmed the annual increase to our award limits.
Our award limit is the maximum amount we can require a financial service firm to pay when we uphold complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI).
From 1 April 2020, our award limits will change to:
- £355,000 for complaints referred to us on or after 1 April 2020 about acts or omissions by firms on or after 1 April 2019
- For complaints about acts or omissions by firms before 1 April 2019 and which are referred to our service after that date, the limit will remain at £160,000
For complaints referred to us between 1 April 2019 and 31 March 2020 about acts or omissions by firms on or after 1 April 2019, the limit will be £350,000 and for any complaints referred to us before 1 April 2019, the limits will remain at £150,000. We will be updating the guidance on our website to reflect these changes from the 1 April.
For further enquiries:
- Consumers can contact us online
- Regulated financial services businesses can contact our technical desk by email
- For media enquiries, call 0207 964 1234
16 December 2020
Today we’ve published a public consultation on our proposed plans and budget for 2021/22.