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...
03 August 2026
Legal Update - Perils: property insurance newsletter
Perils: Property insurance claims newsletter, August 2026
03 August 2026
Legal Update
UK property insurance in 2026: Five trends reshaping risk, pricing and coverage
03 August 2026
Legal Update
Nord Stream v Lloyd's: War risk exclusions, indirect causation and the limits of pipeline cover
03 August 2026
Legal Update
Under the weather: How COVID-19 satisfactorily defeated CP Holdings’ €160m insurance claim
03 August 2026
Legal Update
Fire risks for UK insurers: Solar panels, lithium-ion batteries and hash oil explosions
03 August 2026
Legal Update
Willis’ parametric trigger cracks the flood cover gap
03 August 2026
Legal Update
Secondary perils, record losses and a widening protection gap: What the data means for insurers in 2026
31 July 2026
Press Release
First court decision regarding new law of time limitation for abuse claims: Legal comment
31 July 2026
Legal Update
Tackling modern slavery: What the UK's new proposals mean for businesses and public bodies
30 July 2026
Legal Update
First decision on the Crime and Policing Act 2026: Scope of new limitation regime confined to sexual abuse claims
29 July 2026
Legal Update - The Word
Insurance insights: The Word, July 2026
29 July 2026
Legal Update
Why professionals who ignore AI risk a negligence claim
29 July 2026
Legal Update
How might AI impact fair presentation of risk in insurance?
29 July 2026
Legal Update
Venezuela’s twin earthquakes: What it means for insurers
29 July 2026
Legal Update
Carspreading and the next motor insurance shock: Why ever-bigger cars matter for claims, pricing and regulation
29 July 2026
Legal Update
TFA in UK rivers: Potential implications of trifluoroacetic acid contamination for insurers
24 July 2026
Legal Update
Auditor negligence and causation: Wine Enterprise Investment Scheme Ltd v Crowe UK LLP
20 July 2026
Legal Update - Insurance insights: Casualty
Insurance insights: Casualty, Summer 2026
20 July 2026
Legal Update
MRO fees capped at 25%: What defendants need to know following JXX v Archibald
20 July 2026
Legal Update - Martyn’s Law
Martyn’s Law statutory guidance: Key considerations for organisations and their insurers
20 July 2026
Legal Update
Fundamental dishonesty in personal injury claims: Implications for insurers' claims strategy
20 July 2026
Legal Update - Employment Rights Act
ERA 2025: Will there be more high value unfair dismissal claims in 2027?
16 July 2026
Opinion
New apprenticeship behaviour verification – key considerations for employers
14 July 2026
Legal Update
Crypto comes of age: The FCA's landmark rules and what firms must do now
13 July 2026
Press Release - Firm news
Mergermarket announces Browne Jacobson as top three firm for deal count
08 July 2026
Press Release - Firm news
Browne Jacobson doubles down on international capability with hire of specialist insurance arbitration partner
03 July 2026
Press Release
Browne Jacobson advises Apiary Capital on investment by US-based FTV Capital in Carbon Underwriting
01 July 2026
Legal Update - Employment Rights Act
ERA 2025: Striking a balance: Navigating the new rules on detriments for industrial action
01 July 2026
Legal Update
Child sexual abuse claims: The end of the limitation period and what it means for local authorities and insurers
30 June 2026
Legal Update - London Market Quarterly
Insurance insights: London market quarterly, June 2026
30 June 2026
Legal Update
Furlough issue: Supreme Court dismisses policyholders’ appeal on COVID-19 BI
30 June 2026
Legal Update
High Court finds in favour of reinsured in COVID-19 event cancellation dispute
30 June 2026
Legal Update
The Russian aircraft litigation: Court strikes out contribution claims against operator policy insurers
30 June 2026
Legal Update
The Baltimore bridge collapse: Billion-dollar settlements, a looming trial, and the insurance implications for marine market participants
30 June 2026
Legal Update
Right to work checks: Beyond employees
29 June 2026
Legal Update
Paws and effect: Robot dogs take the lead at the 2026 World Cup
29 June 2026
Legal Update
The £800m indemnity that isn't really insurance: What the Bayeux Tapestry loan tells underwriters
29 June 2026
Legal Update
Middle East conflict could become costliest political violence loss on record
29 June 2026
Legal Update
Deductibles, aggregation and D&O cover: A win for insurers
29 June 2026
Legal Update - The Word