The following updates have been made to your workbook edition.
Chapter 2, section 7.7.2 as follows:
Exceptionally the FOS will Deal with a Complaint Beyond these Timescales
The maximum financial award the FOS can make increased significantly from 1 April 2019 to £350,000. A further increase in April 2022 means it now stands at £375,000 plus interest and costs where the matters being complained about occurred after the above date.
The current limits are:
• £375,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms on or after 1 April 2019
• £355,000 for complaints referred to FOS on or after 1 April 2020 about acts or omissions by firms on or after 1 April 2019
• £350,000 for complaints referred to FOS between 1 April 2019 and 31 March 2020 about acts or omissions by firms on or after 1 April 2019
• £170,000 for complaints referred to FOS on or after 1 April 2022 about acts or omissions by firms before 1 April 2019
• £160,000 for complaints about acts or omissions by firms before 1 April 2019, and which are referred to the FOS after that date.
MCQs, Question no.76 has been amended to read:
76. What is the maximum financial award that the Financial Ombudsman Service (FOS) can make?
A. £150,000 plus interest and costs
B. £150,000 plus interest
C. £375,000 plus interest and costs
D. £375,000 plus interest
MCQs, Answer no.73 has been amended to read:
73. C Chapter 1, Section 4.3
Everyone receives a dividend allowance of £2,000. For a higher rate taxpayer, dividends over this amount are taxed at 33.75%.
MCQs, Answer no.76 has been amended to read:
76. C Chapter 2, Section 7.7.2
The maximum financial award that the FOS can make is £375,000 plus interest and costs. It can recommend a higher amount, but this figure is not binding on the firm.
MCQs, Answer no.77 has been amended to read:
77. A Chapter 1, Section 4.3
The tax rates for dividends in excess of £2,000 are: for basic rate taxpayers 8.75%, for higher rate taxpayers, 33.75%, and for additional rate taxpayers, 39.35%.