The High Court has confirmed that the Financial Ombudsman Service (FOS) does not have the power to make a binding award requiring a redress payment in excess of £100,000.
The decision ruled on two separate claims where a complainant had obtained an FOS award in his favour. In each case, the award appeared to require a redress payment of more than £100,000 - and in one case, it was well over £1m.
The FOS has the power to make two types of binding awards:
- A monetary award limited to a maximum
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