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:
18 July 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our latest annual complaints data and insight for 2023/24. We also share guidance for professional representatives about referring a complaint to us for investigation.
16 July 2024
Holidaymakers unhappy with their travel insurance have led to rising levels of complaints.
12 July 2024
Complaints about the banking sector are at their highest level in at least a decade.
