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:
- £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
- £170,000 for complaints referred to on or after 1 April 2022 about acts or omissions by firms before 1 April 2019
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.
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