New rules requiring firms to submit complaints data on individual advisers must include any client grievance related to advice given before 31 December 2012, the FSA said today.
In its original consultation on complaints reporting, the regulator proposed that firms must report complaints about retail investment advisers (RIAs) received on or after 31 December 2012. Respondents to the consultation said that to collect data related to advice given before then could be problematic because record keeping will likely be of mixed quality and, in some cases, there will be insufficient data on the advice or service concerned. But the FSA has changed its mind. In today's paper, it said: "We have considered the comments about possible difficulties arising if we require...
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