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.
FCA expectations – temporary long term absence
Richard Foster Compliance 2020, 2021, Certification, Conduct, Directory, FCA, PI, Register, Senior Manager, transfer
Following consultation in CP20/23, which was published in December 2020, the FCA has made changes to the Handbook. The affected sections are: SYSC 25.4 FIT 1.3 SUP 10A.14, 10C.9, 10C.10, 10C.11, 10C.14, 10C Annex 2G and 10C Annex 6R Form D In summary, the changes to the Handbook are intended to reflect the FCA’s […]