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FCA hit by 491 complaints in 2015

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The Financial Conduct Authority received 491 complaints in the year to November 2015.

The flow of complaints against the regulator was even all year, with 246 made between December 2014 and 31 May 2015, and 245 between 1 June and 30 November 2015.

The FCA’s latest data bulletin says the regulator did not investigate 47 per cent of the allegations.

It says: “This can be for a variety of reasons, including that the complaint is a general expression of dissatisfaction where no misconduct has been alleged, or that the allegations are excluded, referred, deferred or outside of our scope.”

The regulator investigated 291 allegations, of which 42 per cent were fully or partly upheld and 58 per cent were dismissed.

The regulator has not published complaints data for 2014.

The FCA also reviewed 1,108 complaints about financial promotions between 1 July and 30 September 2015, down 69 per cent on 3,604 in the same period of 2014.

The majority (65 per cent) of the 2015 cases related to consumer credit.

The regulator took action in 34 cases in the 2015 period and 181 in the 2014 timeframe.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Wouldn’t it be nice if the regulated community were able to dismiss nearly half of all complaints on the grounds that they can be excluded, referred, deferred or deemed to be outside our scope? One is reminded of that poor mortgage broker who was held responsible by the FOS for the failure of an investment on which he not only offered no advice whatsoever but wasn’t even authorised to have done so. Surely that was outside his scope and therefore excludable? But no ~ there seems to be one set of rules for regulators and quite another for the regulated, with no external arbitrating body to rule on whether or not the regulator is reasonably or legally entitled to dismiss a complaint against it.

  2. I really don,t know what gets my back up more; the fact that they totally ignore 47% of the complaints made about them, or the reality they are not embarrassed and quite open to state publicly they ignore them ?

    Who in gods (which ever you kneel before) green earth, do they think they are………… Pond life (an in phrase at the moment) sums them up quite well !

  3. No doubt many of these were mortgage prisoners who now find themselves, if you take the Santander latest low rate at 0.9%, as paying 5 times the best rate whilst at the same time being told on affordability tests that the can’t afford their mortgage! If BOE drops rates they will be paying even more. This appears to be acceptable to the ombudsman from papers we have seen, and yet they reckon Wonga was bad. Its a national disgrace no wonder we are now seeing ethical banking moving abroad so as not to be a part of this corruption.

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