FOS award rise could hit PII premiums

The FOS’s new award limit will be announced by the FSA in May. This news has sparked concerns that PII premiums could increase

The FSA will announce the Financial Ombudsman Service’s new award limit in May, sparking concerns that professional indemnity insurance (PII) premiums could rise as a result.

The FOS award limit is expected to rise from £100,000 to £150,000.

The regulator first floated the increase in a discussion paper on complaints handling in March 2010 and published the proposal formally in a consultation paper on complaints handling in September.

In the paper, the FSA said: “We have had some indication from insurers that PII premiums may increase due to an increase to the ombudsman service award limit. We have not been able to quantify the size of any potential increase, and would welcome further evidence on this point.”

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