NO RESPONSE WITHIN 8 WEEKS TO A VERBAL COMPLAINT TO AN IFA

Fatinvestor

Hi. Made a verbal expression of dissatisfaction (EOD) to an IFA ten weeks ago and had no reply. FCA said that breached their rules re complaint handling and as such the Financial Ombudsman (FO) should investigate without further delay. I spoke to the FO and they said they would normally just give the firm another 8 weeks to respond. 

That seems strange and frankfly unfair. 

Any comments appreciated. 

Daliah

You need to give the FOS time to obtain a response, to them, from the IFA.

dunstonh

Made a verbal expression of dissatisfaction (EOD) to an IFA ten weeks ago and had no reply.

Did you make it clear that you were complaining and it wasn't a vent?

You would expect a written response acknowledging your complaint with a few days of making the complaint. Effectively a what happens next letter.

Does the IFA work for a company or network?   The complaints address and details for each firm are on the FCA register.  

The IFA may use another firm for complaints handling.  When that happens, the IFA is often told to make no contact with you whilst the firm does all the communications instead.    So, the IFA may think they have done their bit whilst the third party is letting them down.  It may be that they have responded and you haven't had the letter.

FCA said that breached their rules re complaint handling

Not necessarily.  Possibly would have been a better qualifier.

and as such the Financial Ombudsman (FO) should investigate without further delay.

That is not correct. 

I spoke to the FO and they said they would normally just give the firm another 8 weeks to respond. 

That is correct.

That seems strange and frankfly unfair.

It is not unfair but something does seem strange. it could be something simple like a lost letter or incapacity or a sole trader having their 2 week holiday away or it could be that they are not following the rules.   Have you made any attempt to follow up?