OFT plans 50% rise to upper limit for ombudsman claims

Thu, 09 Feb 2012

The Island's Office of Fair Trading is looking to increase the maximum payout awarded by the Financial Ombudsman by 50%.

The OFT is consulting on plans which would see the upper limit for claims solved through the ombudsman increased from £100,000 to £150,000.

It's estimated that with inflation, the initial £100,000 limit brought in during 2002 would have increased to £146,000.

It's proposed that the change will come in at the start of April.

Anyone with views on this should contact the OFT before March 16th.