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Changes to FOS award limits

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FOS have announced significant changes to their award limits from 1st April 2023, to reflect inflation as measured by the Consumer Prices Index (CPI). The FCA has confirmed that, from 1 April 2023, the award limits will go up to:

£415,000 for complaints referred to FOS on or after 1 April 2023 about acts or omissions by firms on or after 1 April 2019;

£190,000 for complaints referred to FOS on or after 1 April 2023 about acts or omissions by firms before 1 April 2019.

Due to this increase a review of your Pl insurance is advised.