Financial complaints have risen by 20% according to latest half-yearly data
1 May 2024
Our newly published data shows the number of financial complaints received in the second half of 2023 rose by a fifth.
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:
£375,000 for complaints referred to us on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019.
£355,000 for complaints referred to us between 1 April 2020 and 31 March 2022 about acts or omissions by firms on or after 1 April 2019.
£350,000 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.
£160,000 for complaints referred to us after 1 April 2019 about acts or omissions by firms before 1 April 2019.
£150,000 for any complaints referred to us before 1 April 2019.
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:
1 May 2024
Our newly published data shows the number of financial complaints received in the second half of 2023 rose by a fifth.
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
4 April 2024
Today we published our final Plans and Budget detailing the next phase of our transformation, whilst confirming the increased caseload we expect in the upcoming financial year.