‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years
Industry experts shared concerns that the Financial Ombudsman Service's award limits are “very high” and could push small firms out of business.
From 1 April, the Fos award limits will soar from £375,000 to £415,000 for acts or omissions by insurance firms on or after 1 April 2019.
The latest increase in the compensation limit comes a year
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