The Monetary Ombudsman Service (FOS) has been given the go forward by the FCA to extend its most compensation award to £375,000 from 1 April.
The information means the utmost award will rise by £20,000 from £355,000 to £375,000.
The award restrict is probably the most the FOS can require a monetary providers agency to pay when Ombudsman complaints are upheld towards them.
Many monetary advisers have been angered in 2019 when the FOS greater than doubled the award restrict from £150,000 to £350,000.
The FOS says the restrict is now adjusted every year in step with inflation, as measured by the Shopper Costs Index (CPI).
From 1 April, the award limits will change to:
- £375,000 for complaints referred to the FOS on or after 1 April 2022 about acts or omissions by companies on or after 1 April 2019
- £170,000 for complaints referred to on or after 1 April 2022 about acts or omissions by companies earlier than 1 April 2019
For complaints referred to the FOS between 1 April 2019 and 31 March 2022 about acts or omissions by companies on or after 1 April 2019, the restrict can be £350,000 and for complaints referred earlier than 1 April 2019, the bounds will stay at £150,000.
The FOS web site can be up to date to mirror the adjustments from 1 April.