FCA responds to Premier FX complaints

FCA has upheld or partially upheld 5 out of the 31 complaints it received from people who lost money when money remitter Premier FX collapsed. The issues relate to events which happened some time ago, and in relation to issues that FCA now says have largely been remedied. The allegations in question relate to:

• the timeliness and accuracy of updates made to the Register;
• the reauthorisation of the firm just before it collapsed; and
• how information was handled and not actioned.

Following the collapse of the firm, and the associate enforcement action FCA took against Barclays, all customers with accepted claims have been repaid. FCA said the complaints had helped it shape how to improve its service.