FSA to monitor complaints data on individual advisers

Laura Miller
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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 ...

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