We thought it appropriate to issue a reminder about the SUP 15.12 notification requirements where, in a 12-month period, a Retail Investment Adviser has :
- Three or more complaints upheld; or where
- Redress for a complaint exceeds £50,000*
*The £50,000 includes all payments including goodwill, distress, inconvenience, interest etc.
These requirements are in addition to those in the regular GABRIEL complaints return. The rules can be found here.
Briefly, where one of the scenarios above occurs the firm must report, via Form G, to the FCA within 20 business days of the third complaint or the day the complaint was upheld, where redress is agreed. The reporting process and forms can be accessed via the link above.
Note, if the firm rejects a complaint and the FOS subsequently upholds it this must be included in the reporting requirements.
Trust Registration Service – update
John Begg Compliance 2017, 2020, 2021, EU, ML, Pension, PI, Register, transfer, Update
New rules, transposing the Fifth Money Laundering Directive (5MLD) into UK law took effect on 10 January 2020. One impact of the rules was to broaden the scope of the Trust Registration Service (TRS) requirements. you can read more about 5MLD and TRS here. In brief, the previous rules required that all express trusts that […]