Ok, after dabbling a bit on the engine files, I've unlocked the framerate on my game. Hopefully this works for you!

Step One
Locate your "GameUserSettings.ini" It should be under C:\Users\*Your User*\AppData\Local\AVGame\Saved\Config\WindowsNoEditor

Step Two
Add the following under the last line:

[Engine.GameEngine]
bSmoothedFrameRate=True
MinSmoothedFrameRate=30
MaxSmoothedFrameRate=167

* Min: I kept it at 30 just in case.
* Max: My monitor supports 165, so try to add two frames to your desired maximum.

UPD: Also as someone has pointed out below, make sure under [Engine.GameUserSettings] you set the FrameRateLimit=165

Step Three
Right click GameUserSettings.ini in the WindowsNoEditor folder > Then click on properties and set it to Read-Only and apply.