Complaints ombudsman gets powers to make higher awards

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This 578 word blog post describes the new higher awards limit from the Financial Ombudsman Service, how FOS operates and the new eligiblity for larger SMEs to refer complaints to FOS. Written on 12th March 2019.

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Article preview: If you complain about a financial services provider in the UK, and your complaint is upheld by the Ombudsman, the maximum amount of compensation you receive is set to rise. The Financial Conduct Authority (FCA) has confirmed a rise in the award limits for the Financial Ombudsman Service (FOS). Maximum awards for compensation decided by FOS will rise from £150,000 to £350,000 from 1st April 2019. This higher awards limit will apply to complains about acts or omissions by firms on or after 1st April 2019.