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Evening Standard
Evening Standard
Vicky Shaw

Ombudsman proposes changes to interest levels applied to compensation

Bank of England Financial Ombudsman Service
The Financial Ombudsman Service said feedback suggested its compensation interest rate ‘could be better aligned with, and reflect, market conditions’ (Gareth Fuller/PA) - (PA Archive)

The Financial Ombudsman Service (FOS) is proposing to change the interest rate applied to the compensation awarded to consumers, to tie it to the Bank of England base rate.

If someone is found to have lost out because of their financial firm’s errors, the ombudsman can order the business to pay compensation, plus interest.

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