PI Insurance and the increased FOS award limit

You will have seen a lot of recent publicity about the reaction of the PI insurance market to the increase in the maximum award payable by the Financial Ombudsman Service (FOS). This has increased to £350,000 for complaints about actions taken from 1 April 2019, and £160,000 for actions before 1 April which are referred to the FOS after that date.

Last week it seemed that there was a general view from the insurers that they would not cover the increased figure in the terms of their PII contracts, retaining the current £150,000 limit for FOS award cases.

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