Ombudsman News 190
8 April 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our Plans and Budget for 2024/25 and changes to our award limits. We also share details of roles we’re currently recruiting for.
Increase to our award limits
The Financial Conduct Authority (FCA) has confirmed the increase to our award limits for the coming financial year.
Our award limit is the maximum amount we can require a financial business to pay when we uphold complaints. This limit is adjusted each year in line with inflation, as measured by the Consumer Prices Index (CPI).
The FCA has confirmed that, from 1 April 2024, our award limits will go up to:
- £430,000 for complaints referred to us on or after 1 April 2024 about acts or omissions by firms on or after 1 April 2019
- £195,000 for complaints referred to us on or after 1 April 2024 about acts or omissions by firms before 1 April 2019
Different limits apply depending on when the complaint was brought to us. You can read about current and previous limits on our understanding compensation page.
We will be updating the guidance on our website to reflect these changes from 1 April 2024.
The FCA’s policy statement PS19/8 sets out the full background to increasing our award limits. You can see this change in the FCA Handbook.
Latest news
Financial Ombudsman increases complaint level predictions as performance continues to improve
4 April 2024
Today we published our final Plans and Budget detailing the next phase of our transformation, whilst confirming the increased caseload we expect in the upcoming financial year.
Ombudsman News 189
1 March 2024
Welcome to the latest edition of Ombudsman News. In this edition, we highlight our latest data, covering complaints about financial products and services between October and December 2023. We also share our online guidance for businesses about insurance complaints.