On 18 March 2022, the Financial Ombudsman Service (FOS) published an increase to their award limits, as confirmed by the Financial Conduct Authority (FCA). Their award limit is the maximum amount they can require a financial services firm to pay when they uphold complaints. The award limit is adjusted each year to reflect inflation, as measured by the Consumer Price Index.

From 1 April 2022, the award limits will change to:

• £375,000 for complaints referred to the FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019.
• £170,000 for complaints referred to the FOS on or after 1 April 2022 about acts or omissions by firms before 1 April 2019.

An earlier FCA Policy Statement (Policy Statement 19/8: Increasing the award limit for the Financial Ombudsman Service) sets out the background to increasing the FOS’ award limits.