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
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