What is the maximum amount that the Financial Ombudsman Service can award?

The correct answer reflects the most current maximum amount that the Financial Ombudsman Service can award for complaints, which is £350,000. This limit applies to complaints regarding actions by financial firms and is intended to provide consumers with a level of protection and a potential remedy for financial grievances.

This limit is significant as it represents the extent to which the Ombudsman can compensate consumers, indicating the seriousness with which financial complaints are treated. Beyond this maximum award, consumers may need to pursue their claims through the courts if they seek further compensation.

The other figures mentioned do not align with the current maximum established by the Financial Ombudsman Service. These values may have been applicable in earlier contexts or refer to different types of claims and compensation limits, but as of the latest guidance, £350,000 is the recognized cap for awards by the Ombudsman directly related to disputes with financial service providers.