On 20 March 2023, the Financial Ombudsman Service (FOS) announced that the FCA has confirmed an increase in the award limits – the maximum amounts the FOS can require a financial business to pay when it upholds complaints.

The FCA has confirmed that from 1 April 2023, the award limits will go up to:

• £415,000 for complaints referred to the FOS on or after 1 April 2023 about acts or omissions by firms on or after 1 April 2019.
• £190,000 for complaints referred to the FOS on or after 1 April 2023 about acts or omission by firms before 1 April 2019.