April Fools FOS award limit increase confirmed
We consider what FOS changes mean for firms
From 1 April, the current £150,000 award limit for complaints will increase to £350,000 for complaints about actions by firms on or after that date.
For complaints about action before 1 April that are referred to the Financial Ombudsman Service after that date, the limit will rise to £160,000.
This new award limit will come into force at the same time as the extension of the service to larger small and medium-sized enterprises (SMEs). These are firms with an annual turnover of under £6.5m.
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