Related provisions for DISP 3.7.5
1 - 8 of 8 items.
Where a complaint is determined in favour of the complainant, the Ombudsman's determination may include one or more of the following:17(1) a money award against the respondent; or1717(2) an interest award against the respondent; or1717(3) a costs award against the respondent; or1717(4) a direction to the respondent.17
Except in relation to a “relevant complaint” within the meaning of section 404B(3) of the Act10, a9 money award may be such amount as the Ombudsman considers to be fair compensation for one or more of the following:9(1) financial loss (including consequential or prospective loss); or(2) pain and suffering; or(3) damage to reputation; or(4) distress or inconvenience;whether or not a court would award compensation.17
17Where the Ombudsman is determining what amount (if any) constitutes fair compensation as a money award in relation to a relevant new complaint, a relevant transitional complaint or a relevant new claims management complaint4, the Ombudsman Transitional Order, the Mortgages and General Insurance Complaints Transitional Order and the Claims Management Order make provision for4 him to take into account what amount (if any) might have been expected to be awarded by way of compensation
172828
- (1)
- (2)
On 1 April each year, for complaints referred to the Financial Ombudsman Service on or after this date up to and including 31 March in the following year, the amounts in (1)(a) and (b) are adjusted by:5
[Note: The maximum money award which the Ombudsman may make is set out in the table below. This Note will be updated before any new limit takes effect.]
5date complaint referred |
date of act or omission |
|
before 1 April 2019 |
on or after 1 April 2019 |
|
before 1 January 2012 |
£100,000 |
n/a |
before 1 April 2019 but on or after 1 January 2012 |
£150,000 |
n/a |
on or after 1 April 2019 |
£160,000 |
£350,000 |
None of the following is to be liable in damages for anything done or omitted to be done in the discharge (or purported discharge) of any functions in connection with the Voluntary Jurisdiction:317(1) FOS Ltd;(2) any member of its governing body;(3) any member of its staff;(4) any person acting as an Ombudsman for the purposes of the Financial Ombudsman Service;except where:(5) the act or omission is shown to have been in bad faith; or(6) it would prevent an award of damages being
The contract of professional indemnity insurance must incorporate terms which make provision for:(1) cover in respect of claims for which a firm may be liable as a result of the conduct of itself, its employees and its appointed representatives (acting within the scope of their appointment);(2) the minimum limits of indemnity per year set out in this section;(3) an excess as set out in this section;(4) appropriate cover in respect of legal defence costs;(5) continuous cover in
Where a MiFID complaint against a MiFID investment firm is referred to the Financial Ombudsman Service, the MiFID investment firm must cooperate fully with the Financial Ombudsman Service and comply promptly with any settlements or awards made by it.
[Note: subject to a few minor changes reflecting its amended application, this provision replicates DISP 1.4.4R.]