RE: T+20 dealing18 Dec 2024 22:07
Holden77 -
The process is,- in the first instance, you complain to the firm via their complaints process, and they ultimately have to come back with a "final letter" stating their position. If you disagree with their final letter, as an "eligible complainant" (retail client) you have the right to use the service of the Financial Ombudsman. The Financial Ombudsman is not part of the FCA, they are an independent body.
The £650 is not a fine, it is a charge per complaint (post the first 3 annually) charged to the regulated firm. The FCA does not get involved in the complaints process. However, regulated firms have to report periodically to the FCA how many complaints they have received. This is where FCA gather the number of complaints from.
Highly unlikely customer complaints and the skilled person's review have anything in common.