IFAs trying to complete their complaints returns online have been told by the FSA not to use one of the UK's most popular internet browsers because it is not compatible with its system.
Under the regulator's new reporting requirements, IFAs have to report the number of complaints they get from customers every six months. Logging on to the FSA website to do this will be mandatory in 2005.
Some advisers using the AOL internet browser trying to log complaints online were unable to complete the procedure and a number have still failed to file their returns, leaving them in breach of FSA rules.
Although the Microsoft browser Internet Explorer dominates the business market, an increasing number of users are opting for AOL for home and work.
Roberts Clarke director Joanne Roberts says: “E-reporting is supposed to make life easier for everybody. I think the FSA needs to recognise the needs of the small adv-iser firm and include them rather than concentrating on the bigger players.”
Informed Choice managing director Nick Bamford says: “It is all very well for the FSA to demand all this data but the question is, what are they doing about retrieving it and following it up if there are problems?”