FCA proposes to increase FOS limit from £150,000 to £350,000

From 1 April 2019

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Under the proposals, complaints where the act or omission in question happened after 1 April 2019 would be subject to the £350,000 award limit
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Under the proposals, complaints where the act or omission in question happened after 1 April 2019 would be subject to the £350,000 award limit

The Financial Ombudsman Service (FOS) would be able to force firms to pay up to £350,000 to complainants under new proposals drawn up by the Financial Conduct Authority (FCA).

The regulator said its CP18/31 proposals - which would more than double the amount the ombudsman could make firms compensate people - would be fairer for customers. According to the FCA, the Ombudsman...

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