A debt collection agency hired by the FSA to collect unpaid fees has been criticised by the Complaints Commissioner for "hectoring" an advisory business.
The unnamed recovery firm's actions did "not reflect well" on the regulator, Sir Anthony Holland concludes. It followed a dispute over unpaid fees for the 2009/10 financial year. The advisory business claimed it should not be required to pay the full year's fees because it ceased trading just six weeks into the period. The matter was referred to the Office of the Complaints Commissioner, which concluded the FSA's fee rules were fair. Currently, the FSA says it will not refund periodic fees if a regulated firm ceases to trade within the relevant financial year. As a result of the...
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