Has the FCA got teeth?

Poppy_Golightly

Has anyone ever complained to the Financial Conduct Authority about being given misleading advice by an IFA and if so was it successful?

Just about to lodge a complaint about an IFA, actually mainly about his firm's Compliance Dept.

Thanks in advance x

bowlhead99

Maybe it's the financial ombudsman service you're looking for rather than the FCA. Assuming you've already complained to the company themselves and have had their final response to your complaint?

Poppy_Golightly

I haven't started the complaint process yet, I only got confirmation yesterday about the final !!!!-up they made with my pension. I have an email from my IFA saying one thing and then when I hadn't heard anything more from him I sent a reminder. I then had a call saying sorry he was wrong and I'm basically stuffed (financially). And that is only the tip of the iceberg with him and his company.

David.s_2

About 10 years ago, I made a complaint about investment service from a bank. They put my funds in the wrong OEIC. The compensation offered was the difference in performance between the funds. As the funds were dropping like a stone at the time I claimed that the money was effectively embezzled and asked for my money back as I had no access to it for months while this went on. All to no avail. The OEIC is now about 40% up neglecting the effects of inflation.

dunstonh

Has anyone ever complained to the Financial Conduct Authority about being given misleading advice by an IFA and if so was it successful?

unlikely as that is not what the FCA does.

I haven't started the complaint process yet, I only got confirmation yesterday about the final !!!!-up they made with my pension.

Then you start the FCA regulated complaints process. If you complain about the firm to the FCA, then the FCA will just forward your letter to the firm to deal with. The FCA is not there to deal with consumer complaints.

princeofpounds

The FOS does have teeth yes. And is generally quite fair.


The FCA has teeth too. But as Alec Guinness might say 'These are not the regulators you are looking for'.

Poppy_Golightly

Thanks for that - I will direct my complaint to the Financial Ombudsman now.

xx

dunstonh

I will direct my complaint to the Financial Ombudsman now.

You cant do that either. Or rather you can but the FOS will not look at it as you have to go through the complaints process first. They will forward the complaint on to the firm.

You cant do an end run around the complaints process. It is defined for good reason.

You should send the complaint direct to the firm.

Poppy_Golightly

Got it, thanks.

dunstonh

And just for completeness, the FOS only come into play if you and the firm are deadlocked on the outcome the firm propose. The FOS is an independent arbiter. Hence why you wait for the firm to respond first as there is little point going to the FOS if you accept the outcome from the firm.

zagfles

Also worth consulting the pensions advisory service, they'll tell you whether it's likely any complaint will succeed. I think the ombudsman likes you to get an opinion off the TPAS first anyway.

http://www.pensionsadvisoryservice.org.uk