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ARTICLE · 26 OCTOBER 2018

Changes To The Financial Ombudsman Service

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On 16 October 2018, the FCA and the FOS issued two publications which together could have a significant impact on financial services firms and their complaints and disputes handling.

United KingdomFinance and Banking

On 16 October 2018, the FCA and the FOS issued two publications which together could have a significant impact on financial services firms and their complaints and disputes handling.

Consultation on increasing FOS monetary award

The first is a consultation on increasing the monetary limit the FOS can award from the current level of £150,000 to £350,000 CP18/31: Increasing the award limit for the Financial Ombudsman Service | FCA for complaints in respect of acts or omissions that take place from 1 April 2019. The last change was made in 2012, when the limit was increased from £100,000 based on general price inflation. The deadline for responses is 21 December 2018.

The near-final rules on increasing access to the FOS for SMEs

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