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Reporting complaints upheld against an adviser
Compliance

Firms are reminded of the requirement to notify the FCA in either of the following situations.

  • in any 12 month period, three complaints are upheld* against any individual adviser
    … notification must be made within 20 business days starting on the day
        on which the third complaint was upheld;
  • if a complaint is upheld* against any individual adviser, where the redress paid exceeds £50,000
    … notification must be made within 20 business days starting on the day
        on which the complaint was upheld.

 

The relevant rule is SUP 15.12.

Don’t forget to check Our View about this article and the Actions Required By You

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Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

* Note that, although the rule implies that it is complaints which the firm has upheld that count for this purpose, those upheld by the FOS, regardless, of the firm’s final decision, are also counted.

This has been clarified directly with the FCA.

 

Action Required By You

For information only.

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About the Author

Alistair MacDougall

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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