FCA confirms FOS compensation limit increase

The Financial Conduct Authority (FCA) has confirmed that the Financial Ombudsman Services (FOS) compensation limit will increase from £350,000 to £375,000 from 1st April.

The limit will change to £375,000 for complaints referred after this date about acts or omissions by firms on or after 1st April 2019. For complaints before 1st April 2019, the compensation limit will be £170,000.

In a statement, FOS said “Our award limit is the maximum amount we can require a financial services firm to pay when we uphold complaints. This limit is adjusted each year in line with inflation, as measured by the consumer prices index.”