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Putting things right

How we can help put things right if your business has lost out.

Last updated: 28 January 2021
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  1. Compensation for financial loss
  2. Interest
  3. Putting things right without paying money
  4. Going to court to get compensation

Compensation for financial loss

Where your business has lost out financially, we can tell the financial business to pay your business money directly to put things right. That might mean awarding your business a specific amount, or telling the financial business how to calculate the amount your business should receive.

There is a limit to the amount we can awardLink to information on compensation award limit on the Financial Ombudsman Service website. But we can recommend that a business pays more than that if we think it’s fair. If we think fair compensation might be over this limit, we’ll get in touch about what that means for you.

Find out more about how we can award compensation for financial loss.

Interest

We might decide the financial business should also pay your business interest on top of compensation for financial loss.

If you accept an ombudsman’s decision and the financial business doesn’t pay in time, we can award additional interest until they make the payment.

Putting things right without paying money

We might decide a financial business needs to put things right in a way that doesn’t involve paying money. For example, reinstating a policy that was wrongly cancelled.

Going to court to get compensation

If you accept an award we make, it’s unlikely you’ll be able to take the financial business to court for more compensation later. You may wish to seek independent legal advice if that's something you're considering.

There are time limits on taking a case to court, and these continue to run while we handle your case. Again, you might want to check with a lawyer if you think this might have an impact on you.