FCA increases Financial Ombudsman Service compensation limit to £350,000

Money

The Financial Conduct Authority (FCA) has confirmed that the Financial Ombudsman Service (FOS) will soon be able to require financial services firms to pay significantly more compensation to consumers and businesses.

From 1 April, the current £150,000 limit will increase to £350,000 for complaints about actions by firms on or after that date. 

For complaints about actions before 1 April that are referred to the FOS after that date, the limit will rise to £160,000.

The FCA has also confirmed

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