FCA has made a statement explaining its approach when it receives a complaint about it that it considers well founded.
When considering what remedy is appropriate, FCA will take into account the factors under the Complaints Scheme, and will usually:
- take action to address the complaint, if it can – such as providing explanations, trying to reduce a delay or correcting an error; or
- make an ex gratia compensation payment (as FCA has legal immunity from damages unless it has acted in bad faith or breached a complainant’s human rights), but these will usually not exceed £100.
FCA intends to consult shortly about its approach.