The FSA wants to monitor complaints data for individual advisers throughout their careers, with information linked to Individual Reference Numbers.
However, complaints records for individual advisers will not be made public on the FSA's website.
It is proposing the new complaints data will be reported by firms on a regular and an ongoing basis from 2013.
Firms will provide information on an ongoing basis regarding their retail investment advisers when a complaint against an adviser employed by the firm involves a claim of more than £5,000.
It will also apply when an adviser is the subject of three complaints in any 12-month period (other than claims that have already been notified to the FSA).
The 12-month period restarts after each notification, the FSA said in today's consultation paper.
The FSA does not intend to ask for detailed information regarding the complaint and will only require a notification of the occurrence of problems.
According to the regulator, 5,490 firms will be affected by the proposals, the vast majority of which are small businesses with one to three investment advisers.
Small-sized firms make up 4,005 of those that will be affected, 37% of the total.
Medium-sized firms, with between four and 18 investment advisers, comprise 1,271 of the affected businesses. A further 199 large firms, with 19 or more investment advisers, will also come under the rules.
Alongside new complaints data from firms, the regulator said it expects accredited bodies to pass on to it information on the professional standards of the investment advisers who use their services, including complaints data.
From July 2011, firms will also need to alert the FSA to competence and ethics issues in relation to individual advisers.
In its March Policy Statement on the RDR, the FSA said collecting data would be "an important part" of its supervisory approach in the future.
The estimates the total industry costs of today's proposals will be a £7m one-off bill and £3m annual ongoing costs.
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