Financial Ombudsman Service—remedies
Financial Ombudsman Service—remedies

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Financial Ombudsman Service—remedies
  • Awards by the FOS
  • Money awards
  • Interest awards
  • Costs awards
  • Direction to the respondent
  • Complying with awards and settlements

Awards by the FOS

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.

Money awards

Different limits apply depending on when the case was brought to the FOS and the date of the act or omission by the respondent. Prior to 1 April 2019, the maximum money award which the FOS could make to a complainant was £150,000 for complaints received before that date but on or after 1 January 2012, in respect of acts or omissions that took place before 1 April 2019. Complaints referred to the FOS prior to 1 January 2012 were subject to a £100,000 maximum limit. Since 1 April 2019, the maximum limit has now significantly increased to £350,000 for complaints made on or after 1 April 2019 in respect of acts or omissions by firms that took place on or after 1 April 2019. For complaints about acts or omissions by firms that took place before 1 April 2019,