Complaints Commissioner backs FSA in passporting row

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...