FIN.

Complaints Commissioner rejects unregulated investments complaint

The Complaints Commissioner has published its decision to reject a complaint made about the FCA’s failure to regulate unregulated investments. The complainant, who suffered financial loss having invested in unregulated products, alleged that the FCA should have been ‘on top of these firms’ and should have ensured that unsuitable products and services were removed from the market place or brought within scope of regulation.

Ultimately, the Complaints Commissioner decided not to uphold the complaint on several grounds, including the fact that there were sufficient warnings in place to alert the complainant to the fact that the investments were unregulated. However, it has recommended that the FCA reviews its complaints acknowledgments wording to avoid raising expectations that a complaint will be investigated when it subsequently may not be.

Lucy Hadrill