The Financial Ombudsman Service does award financial compensation for lost points.
Another financial institution owed me EUR, which it should have paid to my EUR bank account. Instead it converted the EUR amount to GBP without my permission at an exchange rate that I hadn’t agreed and paid it as a refund to my IHG Rewards credit card. I then bought back the full EUR amount, which cost more than the refunded GBP amount. The FOS determined that the financial institution had to pay me the additional GBP plus the USD cost of buying IHG Rewards Club points that I lost through the refund to a points-earning credit card. The FOS then rounded it up to a round amount of GBP. There are some other unresolved matters in the same complaint, so I’m not yet naming the financial institution.