BareRock CEO: 'FCA's three-day complaint rule possible for advisers'

Newell believes that the current industry framework, along with "outdated systems", makes complying with the three-day rule "virtually impossible" for most firms. This includes standard notification requirements as well as the process of engaging and awaiting instructions from a professional indemnity insurer, which "inevitably" leads to a breach of the threshold, according to the CEO.   The FCA's three-day rule was designed to benefit customers and advice firms with swift resolution of complaints. If a matter is successfully resolved between parties within this timeframe, firms do no...