The Financial Ombudsman Service (FOS) has confirmed it will raise its compensation limits.
This marks the maximum sum the ombudsman can require a financial services firm to pay when a complaint against it is upheld.
The limits are adjusted every year in line with inflation, as measured by the Consumer Price Index (CPI).
Compensation caps from 1 April 2022 will change to:
- £375,000 ($508,515, €444,711) for complaints referred to the FOS on or after 1 April 2022 about “acts or omissions by firms” on or after 1 April 2019; and
- £170,000 for acts or omissions before 1 April 2019.
