The FSA has published the findings of its review of the compensation and eligibility limits for the Financial Services Compensation Scheme (FSCS) and for the compulsory jurisdiction of the Financial Ombudsman Service (FOS).
The key findings of the review were that most claims or complaints are still well below the current maximum limits.
The FSA also said there was no evidence that consumer behaviour and market confidence were being significantly affected by current limits.
The FSA found that FSCS limits significantly exceed EU minimum limits (currently €20,000) for deposits and investments and that FSCS limits are generally higher than in other EU member states and other major world economies, with the exception of deposits.
However, the regulatory body said there was a very wide range of views among stakeholders and that it was therefore consulting on some specific issues.
It also said the case for increasing the maximum limit for ombudsman awards from the current £100,000 to £200,000 was being discussed.
The current limits have been in force since the FSCS and the Financial Ombudsman Service started operating in December 2001, under the Financial Services and Markets Act 2000. The FSA plans to review the compensation and eligibility again at regular intervals.
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