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

FCA finfluencer enforcement action increases 174% in 2025

FCA finfluencer enforcement action increases 174% in 2025

FOI findings come as regulators ramp up online crackdown

Isabel Baxter
clock 09 February 2026 • 3 min read
TISA urges FCA to rethink targeted support fees and levies proposals

TISA urges FCA to rethink targeted support fees and levies proposals

Could ‘undermine’ the aims of targeted support

Isabel Baxter
clock 12 January 2026 • 2 min read
FCA's targeted support rules set to take effect from April 2026

FCA's targeted support rules set to take effect from April 2026

Regulator plans to open application gateway for firms in March

Isabel Baxter
clock 11 December 2025 • 5 min read