FCA actively 'monitoring' number of platform complaints

'Would be worried as a re-platformer'

Tom Ellis
clock • 1 min read

The Financial Conduct Authority (FCA) has said it will monitor the number of complaints platform customers make about them to see how many people are losing out because of poor service.

In its annual report and accounts for 2017/18, the financial watchdog acknowledged the possibility that platform customers could be "harmed" if they are unable to gain access to the service they expect and pay for. The FCA said: "If consumers are unable to access the platform they have invested through then they will not be receiving the service they reasonably expect and are paying for. "Recent complaints data tell us that firms received 15,834 complaints about their platform service, caused by general administrative or customer service problems. We will monitor trends in the number ...

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

How considering vegetable peelers can inform your product design

How considering vegetable peelers can inform your product design

FCA released two reports to mark the third birthday of Consumer Duty

Alison Gay
clock 31 July 2026 • 4 min read
Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read
Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

'September is a starting point, not the finish line'

Gemma McCall
clock 29 July 2026 • 5 min read