Blog: Beware of the FOS
Ian Mason, of Gowling WLG, considers the impact of the compensation limit increase to £350,000.
On 8 March 2019, the FCA and the Financial Ombudsman Service (FOS) jointly published a policy statement, following consultation, on the limit which FOS may award firms for complaints.
From 1 April 2019, the award limit will increase to £350,000 (previously £150,000) for complaints about acts or omissions by firms on or after 1 April 2019 (this is not an April 1 joke). The maximum amount will be £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred
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