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Consumers and small businesses in dispute with a financial institution could be awarded much more in compensation from the official arbitration service from April.

The Financial Ombudsman Service currently has powers to award up to £150,000 if it finds in favour of a complainant.

That limit will rise to £350,000 for upheld complaints about the actions of financial firms on or after 1 April.

Wrongdoings which occurred before 1 April can lead to an award of up to £160,000.

The ombudsman is taking on the cases of small businesses unhappy with their treatment by financial firms for the first time.

Anyone can go to the ombudsman if an initial complaint to a firm is rejected.

The increase in maximum awards has been confirmed by the regulator, the Financial Conduct Authority, following consultation.

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