Financial complaints have risen by 20% according to latest half-yearly data
1 May 2024
Our newly published data shows the number of financial complaints received in the second half of 2023 rose by a fifth.
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.
1 May 2024
Our newly published data shows the number of financial complaints received in the second half of 2023 rose by a fifth.
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
4 April 2024
Today we published our final Plans and Budget detailing the next phase of our transformation, whilst confirming the increased caseload we expect in the upcoming financial year.