Financial Ombudsman Service Increases Awards Cap

On 13 March 2024 the Financial Ombudsman Service (FOS) announced increases to the cap that applies to their awards.

The increased awards will affect complaints referred to FOS on or after 1 April 2024:

• £430,000 will apply to complaints about acts or omissions by firms on or after 1 April 2019 where the complaint is referred on or after 1 April 2024;
• £195,000 will apply to complaints about acts or omissions by firms before 1 April 2019 where the complaint is referred on or after 1 April 2024.

Fenchurch Advocacy Services offers a non-legal service to assist Policyholders with insurance coverage disputes that may be eligible for referral to the FOS. In general terms this will include disputes from consumers, micro enterprises and SME businesses. The non-legal service is different from the services provided by our legal team, and offers a cost effective solution for FOS eligible complaints, with a view to levelling the playing field for all Policyholders.

For more information, please visit FOS Eligible Work | Fenchurch Advocacy Services (fenchurchlaw.co.uk) or contact our Insurance Consultant, Phil Taylor at phil.taylor@fenchurchlaw.co.uk.