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FOS defends hike in award limit

FOS defends hike in award limit

The Financial Ombudsman Service (FOS) has defended itself over criticism about the increase in the compensation limit and the qualifications of its chief ombudsman Natalie Ceeney.

IFA network Tenet has called the increase in the compensation limit ‘inappropriate' and accused the Ombudsman of treating IFAs unfairly.

But the FOS said the increased limit would have little impact for advisers, saying that only 0.2% of complaints resolved related to payments over £100,000. It added that less than 1.5% of complaints received last year related to IFAs and that there had be no change to the upper limit since the FOS was created in 2001.

Tenet also questioned the qualifications of FOS adjudicators issuing decisions. It singled out chief ombudsman Natalie Ceeney (pictured), referring to her as ‘previously being a head librarian'. The FOS said Ceeney had occupied the post of chief executive of the National Archives in Kew. ‘Natalie has never been head librarian but she has been chief executive at Kew,’ said a FOS spokesman.

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