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.
6 December 2023
Welcome to the latest edition of Ombudsman News. In this edition, we mark 16 Days of Activism against Gender-Based Violence by sharing our approach to financial complaints involving economic or domestic abuse. We also highlight our Plans and Budget Consultation for 2024/25 and our Annual Report and Accounts.
6 December 2023
Today we have published details on the next phase of our transformation, in a consultation on our plans and budget for the 2024/25 financial year.
1 November 2023
We have been asked by some members of Nationwide to investigate complaints about the Fairer Share Payment scheme.