Ombudsman News 194
5 September 2024
Welcome to the latest edition of Ombudsman News. In this edition, we look at our latest data, which covers the complaints we received about financial products and services between April and June 2024.
FCA confirms increase to our award limits
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:
- consumers can contact our helpline
- regulated financial services businesses can contact our Business Support Hub
- for media enquiries, call 0207 964 1234
Latest news
Fraud and scam complaints hit highest ever level
4 September 2024
Fraud and scam complaints are at their highest ever quarterly level, data released by us revealed today.
Buildings insurance complaints hit a 10-year high
29 August 2024
Unhappy homeowners and businesses brought 2,001 buildings insurance complaints to us within the first quarter of this financial year – the highest number of complaints within a three-month period.