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

‘It is possible for advisers with the right industry support’

Isabel Baxter
clock • 2 min read

The Financial Conduct Authority’s (FCA) three-day complaint resolution is possible for advisers with the right industry support, says BareRock CEO and founder Jonathan Newell

Newell believes that the current industry framework, along with "outdated systems", makes complying with the three-day rule "virtually impossible" for most firms.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...

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