Following consultation, the FCA has confirmed that our award limits are increasing. Our award limit is the maximum amount we can require financial services firms to pay when we uphold complaints.
From 1 April 2019 our current award limit of £150,000 will change to:
- £350,000 for complaints about acts or omissions by firms on or after 1 April 2019
- £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to our service after that date
And from 1 April 2020 onwards, both award limits will be automatically adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI).
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. The FCA’s recent policy statement on increasing our award limit sets out the full detail of the change.
For further enquiries:
16 December 2020
Today we’ve published a public consultation on our proposed plans and budget for 2021/22.