Reporting complaints upheld against an adviser

15 April 2016 Alistair MacDougallCompliance

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.

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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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