Awards

The Award

If we thought a bank had made a mistake or treated a customer unfairly and they had lost out as a result, we would instruct the bank to put things right. This could include telling the bank to provide an award, which could have been financial or non-financial.

We would recommend an award that was fair and reasonable, taking into account all relevant information available. There was a limit to the amount the bank was obliged to pay the customer.

• £600,000 for complaints relating to events with a participating bank on or after 1st April 2019

We could recommend that the bank pay more than this limit. We would generally expect the bank to agree to the recommendation, where it is above the award limit, however, it was not bound to do so. It would then be up to the customer to accept this settlement or contest it further.