Financial Compensation Limit Increases to GBP150 000
Published / Last Updated on 28/05/2011
Financial Compensation Limit Increases to £150,000
In March 2010 the FSA thought of increasing the award limit prior to announcing it in September 2010. New handling rules for new complaints and the Financial Ombudsman Service’s award limit has been increased to £150,000 from £100,000.One of the new rules is to get rid of the “two-stage” complaints handing rules to ensure that Companies get complaints sorted out more quickly and fairly. Companies will also have engage a senior person who will be in charge of complaints practices.