Award increase 'not keeping pace' - FOS

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The proposed increased Financial Ombudsman Service (FOS) award limit is ‘not keeping pace'with today's costs, according to the (FOS).

The ombudsman also noted that protection related complaints are ‘so small as to be off the scale' and paid tribute to the industry's improved handling of disputes and recognised the passion of those working within the sector. Speaking at the COVER Forum, Caroline Mitchell, lead ombudsman - insurance and investments at the FOS, commented that the protection market was not a source of great concern, especially when compared with other sectors such as payment protection insurance. In 2009-10, 776 income protection, 598 critical illness and 652 private medical and dental complaints were r...

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