Complaints Commissioner backs FSA in passporting row

clock

The Complaints Commissioner has rejected a claim against the Financial Services Authority (FSA) by a consumer who wrongly believed their UK-based adviser had passporting permissions.

In 2007, the consumer approached a branch of the advisory business - Firm A - in Spain, where it had an office. The customer believed it had received an Investment Services Directive (ISD) passport, allowing it to undertake investment mediation activity and meaning it would receive the FSA's compensation and complaints protection. An investment with Irish Life International was subsequently arranged although, by 2010, the consumer became concerned about the product. However, when they eventually complained in writing, they were told that Firm A had cancelled its FSA authorisation a...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FOS award limits increase for next financial year

FOS award limits increase for next financial year

One type of complaint sees a £10,000 rise

Sophia Panayi
clock 01 April 2026 • 1 min read
FOS increases fees for the first time in two years

FOS increases fees for the first time in two years

New fees effective from 1 April

Sophia Panayi
clock 01 April 2026 • 2 min read
FOS ten-year limit sparks adviser concerns over complaint exceptions

FOS ten-year limit sparks adviser concerns over complaint exceptions

Parliamentary scrutiny predicted

Sophia Panayi
clock 31 March 2026 • 4 min read