The Complaints Commissioner has upheld a complaint against the Financial Conduct Authority (FCA) about the way its call handlers responded to a report of a potential scam, despite late evidence emerging that the watchdog had acted correctly.
The complainant contacted the FCA about a £15,000 investment to what the regulator initially said was a cloned firm. However, it later emerged that the transaction was in fact not with a cloned firm but a Cyprus-based operation which the FCA had issued sanctions against. The Complaints Commissioner said that despite the FCA bringing forward evidence of a telephone call which outlined everything the complainant needed to know about the issue, she found in favour of the complainant and awarded £500 in compensation. Responding to the complainant, commissioner Amerdeep Somal said: "In one...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
