FCA must improve information disclosure, commissioner says

Complaint upheld despite late evidence favouring the regulator

Jenna Brown
clock • 5 min read

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...

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