U.K. Wants to Hike Fines Ombudsman Can Levy on Finance Firms
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The U.K.’s markets regulator proposed more than doubling the amount of compensation that its ombudsman service can order financial firms to pay.
The maximum award for “acts or omissions” by firms starting April 1 next year would rise to 350,000 pounds ($462,000) from the current level of 150,000 pounds, the Financial Conduct Authority said. About 2,000 complaints upheld each year could be due compensation above the current limit, the regulator said.