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Ombudsman Can Make Banks Hike Redress, FCA Says

Law360, London (March 8, 2019, 1:26 PM GMT) -- The Financial Ombudsman Service will be able to force banks and insurers to pay out up to £200,000 ($260,000) extra in compensation to every consumer or business they have cheated, the Financial Conduct Authority said on Friday.

Lenders that the ombudsman rules have missold products to customers or treated them unfairly will have to pay up to £350,000 in compensation to their victims from April 1, the FCA said. This is a hike from the current £150,000 redress limit, which the watchdog said may be preventing claimants from receiving an extra £113 million every year.

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