Complaints jump by 40% year on year
24 October 2024
The number of financial complaints we received in the first half of 2024 rose by over 40%.
The Financial Conduct Authority (FCA) has confirmed the increase to our award limits.
Our award limit is the maximum amount we can require a financial services 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 2022, our award limits will change to:
Different limits apply depending on when the complaint was brought to us. You can read about current and previous limits on our Understanding compensation page.
We will be updating the guidance on our website to reflect these changes from 1 April 2022.
The FCA’s policy statement PS19/8 sets out the full background to increasing our award limits. The change can be seen in the FCA’s handbook.
24 October 2024
The number of financial complaints we received in the first half of 2024 rose by over 40%.
23 October 2024
Not understanding the rules around ‘Section 75’ claims could affect consumers’ chances of getting their money back.
17 October 2024
Couples planning the most important day of their lives risk severe financial penalties if they take out insufficient cover or do not understand their policies.