Financial Ombudsman Service—remedies
Financial Ombudsman Service—remedies

The following Financial Services practice 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

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime. See also FOS FAQs—Meaning of withdrawal from the EU for the FOS and its customers.

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:

  1. 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

  2. the maximum limit for

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