On 8 March 2019, the FCA published a policy statement, on increasing
the FOS's award limit from 1 April 2019 (PS19/8).
The FCA has decided to introduce the changes as consulted on. Â From 1 April 2019 the FOS's Â£150,000 award limit will change to:
From 1 April 2020 onwards, both award limits
will be automatically adjusted annually on 1 April to ensure they keep pace
with inflation, as measured by the Consumer Prices Index (CPI). The reward
limit will remain at Â£150,000 for complaints referred to the FOS before 1 April
You will have seen in the media that the underwriters are pricing in the added costs of the above, with a degree of enthusiasm.