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FOS award limit to rise

The FSA will announce the Financial Ombudsman Service’s new award limit in May, which is expected to rise from £100,000 to £150,000.

The regulator first floated the increase in a discussion paper on consumer complaints in March 2010 and published the proposal formally in a consultation paper on complaints handling in September.

The FSA says: “In May, we will set out our final proposals to increase the amount of protection offered by the FOS by raising its award limit.”

The proposal has sparked concerns that professional indemnity insurance premiums will rise as a result.

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  1. Why bother with a limit?

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