The following Financial Services guidance note provides comprehensive and up to date legal information covering:
Where a complaint to the Financial Ombudsman Service (FOS) is upheld, the FOS may order a respondent firm (the respondent) to pay money, costs and/or interest to the complainant, and/or may direct the respondent to do anything else the FOS regards as appropriate. The rules are set out in DISP 3.7 in the FCA Handbook and have their basis in sections 229 and 230 of the Financial Services and Markets Act 2000.
Different limits apply depending on when the case was brought to the FOS and the date of the act or omission by the respondent:
the maximum limit for complaints referred to the FOS on or after 1 April 2020 in respect of acts or omissions by firms on or after 1 April 2019, is £355,000
the maximum limit for complaints referred to the FOS on or after 1 April 2019 in respect of acts or omissions by firms that took place on or after 1 April 2019, is £350,000
the maximum limit for complaints referred to FOS on or after 1 April 2019 in respect of acts or omissions by firms that took place before 1 April 2019, is £160,000
the maximum limit for complaints referred to the FOS prior to 1 April 2019, but on or after 1
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