The Financial 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:
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.
The FCA’s policy statement PS19/8 on increasing our award limit sets out the full background. The change can be seen in the FCA's handbook.
For further enquiries:
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13 April 2022
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31 March 2022
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