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

FCA: Consumer investment product disclosure system 'not working'

FCA: Consumer investment product disclosure system 'not working'

FCA rules are expected in late 2025

Michael Nelson
clock 11 September 2025 • 2 min read
FCA social media crackdown: Three 'finfluencers' make first court appearance

FCA social media crackdown: Three 'finfluencers' make first court appearance

Case brought as part of FCA-led global crackdown on illegal promotions

Jenna Brown
clock 10 September 2025 • 2 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 03 September 2025 • 1 min read