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

FCS Transitional Arrangements

Compliance

As you will be aware the Financial Services Authority ceased to be and the Financial Conduct Authority took over the regulation of financial advice firms on 01 April 2013.

The FSA issued PS13/05 last week which includes updated rules and transition arrangements. The policy statement itself is 88 pages but the ‘appendix (3)’ that accompanies it is a mere 1990 pages so you must excuse us for not as yet absorbing every word. The document can be seen here.

Read More