External dispute resolution schemes will be encouraged to adopt caps on the level of compensation payable rather than subjecting complaints to matters that fall within a set monetary limit.The Australian Securities and Investments Commission yesterday endorsed an earlier recommendation of the Productivity Commission on this point.In a consultation paper on reviews of internal and external dispute resolution schemes ASIC suggested that the cap on compensation be lifted to $280,000 from $250,000, a level set in the 1990s.This cap (actually a monetary limit) already applies to the Financial Industry Complaints Service, one of the schemes now subsumed by the Financial Ombudsman Service.