OFT plans 50% rise to upper limit for ombudsman claims
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.