FIN.

FCA confirms FOS increase

FCA has issued a policy statement confirming the increase in the FOS award limit.  From 1 April, the limit that FOS can award against firms will be £350,000. This amount will apply in relation to complaints about actions on or after that date. For claims about actions before 1 April that are referred to FOS after 1 April, the limit will be £160,000 (rather than the current £150,000).  Both new figures will be adjusted annually in line with inflation.

The extension of FOS jurisdiction to  complaints from SMEs with annual turnover of under £6.5m, annual balance sheet of under £5m or fewer than 50 employees will also take effect on 1 April.

Avatar

Emma Radmore