High Court makes FOS' position clear
The High Court has confirmed that the Financial Ombudsman Service (FOS) does not have the power to m...
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 of
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