The UK Complaints Commissioner for Financial Services (CCFS) received 61 complaints about the Financial Conduct Authority (FCA) over the past financial year, making up over half of the total 116 complaints it received.

Including complaints about the Financial Services Authority (FSA) which the FCA inherited, and enquiries and complains re-opened, the CCFS received a total of 111 complaints about the regulator.

Of these, the Commissioner noted a large number did not fall within its parameters, with many being more appropriately forwarded on to other bodies, such as the Financial Ombudsman Service.

In total, the CCFS concluded 109 enquires and complaints. Of this number, 73 were classed as ‘enquiries,’ which the regulator passed back to the FCA,15 cases were excluded as they related to ‘legislative functions’ and 13 were concluded without a formal investigation.

Just eight resulted in a full investigation, half of which were from the FCA, and half from the FSA. Following the investigation, none of the FCA complaints were upheld, while just one of the FSA complaints were upheld, with a second partially upheld.

While none of the FCA complaints were upheld, the CCFs did note: "In general, the Commissioner’s concern was that the FCA had not given a sufficiently full explanation of the underlying rationale for the decisions which had been taken.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.