Tuesday, 22nd May 2018
The Minister for Finance, has issued regulations increasing the maximum amount of compensation that the Financial Services and Pensions Ombudsman may award to a complainant under Section 60 of the Financial Services and Pensions Ombudsman Act 2017. The revised increased amounts are:-
(a) €52,000 per annum, where the subject of a complaint is an annuity, or
(b) €500,000 in respect of all other complaints
Previously the amounts were €26,000 and €250,000 respectively.
The Financial Services and Pensions Ombudsman (Compensation) Regulations 2018 came into force on 8 May 2018. You can read them here.
