Last month, the Financial Conduct Authority (FCA) confirmed that the Financial Ombudsman Service (FOS) published an increase to their award limits.
The award limit is the maximum amount the FOS can require a financial services firm to pay when they uphold complaints. The award limit is adjusted each year to reflect inflation, as measured by the Consumer Price Index.
From April 1st 2022, the award limits will be increased to £375,000 for complaints referred to the FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019.
It is more important than ever that your firm has a robust complaints-handling system in place. At PPL, we can assist firms who require FCA permissions to carry out consumer credit in various ways, ensuring their regulatory health and compliance delivers good outcomes for the consumer.
Contact us today on 01274 921234.