What is the maximum award amount the FOS can grant to a customer?

The Financial Ombudsman Service (FOS) deals with complaints made by consumers against financial services firms. As of the most recent guidelines, the maximum award amount that the FOS can grant to a customer is indeed £430,000. This amount reflects the FOS's authority to resolve disputes related to financial products and services, ensuring that customers have access to redress for losses they may incur.

When assessing the options presented, it’s important to note that while other amounts like £250,000 and £300,000 may have been relevant in previous years or for specific categories of complaints, they do not represent the current maximum limit set by the FOS. The figure of £500,000 exceeds the established cap, and therefore cannot be correct. The FOS continually reviews and updates its limit, making it essential for professionals in the insurance sector to stay informed about these changes.