Menu
Reporting complaints upheld against an adviser

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

Reporting complaints upheld against an adviser

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.

SUIT - Beautiful Reports
CREATE BEAUTIFUL
SUITABILITY
REPORTS
TRY IT FOR FREE
SUIT - Complete Control
TAKE BACK
CONTROL OF YOUR
SUITABILITY REPORT
PRODUCTION
TRY IT FOR FREE
SUIT - Comp confidence
SUITABILITY
REPORTS
WITH FULL
COMPLIANCE
CONFIDENCE
TRY IT FOR FREE
previous arrow
next arrow

About the Author

Contact Us

Brought to you by

Explore more articles in this category

Other articles that you might be interested in

Dark_wall_just_ateb_signage

Second mortgages and independence

Compliance , ,

New rules came into effect on 21 March around advising on second charge loans. How do they affect independence?

Read More
Dark_wall_just_ateb_signage

FCA priorities 2016-17

Compliance , , , ,

The FCA’s latest business plan indicates where their focus will be. Read this to understand how some of these affect you.

Read More
2017/18 Tax Year Changes

Budget Changes 2016

Suitability , , , , , ,

Further to the Budget 2016 announcement and recent Mortgage Credit Directive implementation please note the following changes to ATEB suitability for your records. Effective from midnight 21st March 2016  – APR replaced with APRC for Mortgages; – APRC definition added to Mortgage Glossary of Terms. Effective from midnight 1st April 2016  – Update to Stamp Duty […]

Read More
Dark_wall_just_ateb_signage

ATEB appoints Technical Manager

Compliance

We are pleased to announce the appointment of Alistair MacDougall as Technical Manager. Alistair brings a wealth of industry experience to ATEB, having worked in Financial Services since 1973. Previous roles include Head of Academy for Capita/Lloyds Bank and a variety of senior management roles for a national IFA. Alistair founded and ran a consultancy […]

Read More
Dark_wall_just_ateb_signage

Financial Advice Market Review

Compliance , , , , , , , ,

Overview and comment on the FAMR.

Read More
Load More