Increase to FOS limits
30 March 2023
The Financial Ombudsman Service (“FOS”) has announced that for complaints referred to it on or after 1 April 2023 it is increasing the amount of the awards it can make to:
- £415,000 for complaints relating to acts and omissions happening on or after 1 April 2019; and
- £190,000 for complaints relating to acts and omissions happening before 1 April 2019.
Insurers should be prepared for a possible increase in the number of complaints referred to FOS rather than the courts, in light of this increased limit. Insurers should also consider whether they are providing appropriate limits for policies that provide cover for FOS awards, such as professional indemnity policies for insurance brokers.
Contents
- The Word, March 2023
- Assigning your contracts – a timely reminder
- Climate risk capital – a warning to insurers from the Bank of England
- Bombs away – (another) case on proximate cause
- Parametric policies – the future of insurance?
- Increase in the cost of data breaches reaches a five-year high for businesses, report says
- A rise in strikes, riots and civil commotion set to test businesses
Key contact
Tim Johnson
Partner
tim.johnson@brownejacobson.com
+44 (0)115 976 6557
Contact Tim
You may be interested in...
19 April 2024
Legal Update
Understanding the ICO's new fining guidance
09 April 2024
Press Release
Browne Jacobson advises European micromobility insurtech Laka on investment from Achmea Innovation Fund
02 April 2024
Legal Update
Cyber-attacks in UK universities: Why failing to prepare is no longer an option
28 March 2024
Legal Update - The Word
The Word, March 2024
06 March 2024
Opinion
Caregivers at work: Navigating new carer's leave regulations
05 March 2024
Legal Update
Commercial Court considers requests for stay or anti-suit injunction where two competing reinsurance wordings
01 March 2024
Opinion
EHRC publishes new guidance on menopause and the workplace
27 February 2024
Legal Update
Parametric flood policies - Insurers no longer in uncharted waters?
27 February 2024
Legal Update
LockBit unlocked: International taskforce takes down major cyber criminal organisation
27 February 2024
Legal Update - Consumer Duty
80% of GAP market pause sales amid Consumer Duty concerns
27 February 2024
Legal Update
FCA writes to MPs over car insurance premiums. What do increases mean for fraud?
27 February 2024
Legal Update
Biodiversity Net Gain: A new landscape for restoration clauses
27 February 2024
Legal Update
The regulators’ pet project
27 February 2024
Legal Update
Welsh Government inks new regulations for Acupuncture, Body piercing, Electrolysis and Tattooing
27 February 2024
Legal Update
Insurance and the escalating situation in Suez Canal
27 February 2024
Legal Update
Update: Further debates on the Automated Vehicles Bill in the House of Lords this month
27 February 2024
Legal Update - The Word
The Word, February 2024
20 February 2024
Legal Update
The Home Affairs Committee launched another inquiry into fraud - Stop! Think Fraud
16 February 2024
Legal Update
Progress on the Automated Vehicles Bill
29 January 2024
Legal Update - The Word
The Word, January 2024
26 January 2024
Legal Update
Voldemort causes havoc at Sellafield – nuclear risks and insurance policies
26 January 2024
Legal Update
A blow to manufacturers as Thai Court confirms insurers’ denial of cover in wind turbine case
26 January 2024
Legal Update
Adapting to change or falling behind? The FCA under fire from the National Audit Office
26 January 2024
Legal Update
Premium finance – a poverty premium
26 January 2024
Legal Update
'Clear and unambiguous' exclusions: Cameron Soule v Woodward Design + Build LLC
26 January 2024
Legal Update
Follow the leader: Insurers using algorithmic underwriting
25 January 2024
Legal Update
Insurance Insights 2024
25 January 2024
Legal Update
Statutory assignment to insurers not caught by no-assignment clause
18 January 2024
Legal Update
Court of Appeal decision again demonstrates the need for reform of the Solicitors Minimum Terms
15 December 2023
Legal Update - The Word
The Word, December 2023
08 December 2023
Legal Update - London Market Quarterly
London Market, Autumn 2023: What the insurance market needs to know
![Al Mana Lifestyle Trading L.L.C. & Others v United Fidelity Insurance Company PSC & Others [2023] EWCA Civ 61 – Update](/getattachment/b24270a8-0bb3-4a8a-bcf0-37830f99591b/shutterstock_710149084_6x4.jpg?variant=HeroImageTabletVariantDefinition)
08 December 2023
Legal Update
Al Mana Lifestyle Trading L.L.C. & Others v United Fidelity Insurance Company PSC & Others [2023] EWCA Civ 61 – Update
08 December 2023
Legal Update
Proposed amendments to the Arbitration Act 1996
08 December 2023
Legal Update
The downfall of Vesttoo: Fraudulent letters of credit
08 December 2023
Legal Update
Chubb leads a $50m consortium to help mitigate the increasing risks associated with lithium-ion batteries
08 December 2023
Legal Update
Climate change related insurance decisions being made around the world
08 December 2023
Legal Update
D&O: Australian Courts consider the meaning of ‘personal advantage'
08 December 2023
Legal Update
Trade credit: Australian Courts consider the meaning of ‘recoveries’
08 December 2023
Legal Update
Energy insurance: Technip Saudi Arabia Limited v The Mediterranean and Gulf Cooperative Insurance and Reinsurance Company ('Medgulf')
08 December 2023