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FCA wins fee complaint over regulatory return

A complaint the FCA unfairly issued a late fee to a firm that failed to submit its Gabriel report on time has been rejected by the Complaints Commissioner.

The firm was due to file its Gabriel report on 12 February this year and says it did not do so as it was not reminded.

Information from a third party that needed including within the report had also not been received in time, the firm adds.

The regulator rejected an initial complaint, which commissioner Antony Townsend has agreed with.

Townsend says: “It appears to me that the FCA has operated its processes correctly in this case and is entitled to charge a late return fee. In any event, the FCA is right to say that it is the firm’s responsibility to submit returns on time. This is one of the things which firms sign up to when they are authorised by the FCA.”

The complainant also argues that three reminder emails about the deadline sent from the FCA bounced back.

FCA to review handbook and FAMR next year

Townsend says the regulator’s records show the correct email was used however and there was only one recorded event of an email bounce back.

Following this, the FCA mailed a hard copy fee notification to the firm.

Townsend says: “I am afraid that if your firm simply assumed that it did not have to make a return because it had not received any reminders, that was a mistake.”

This is the third case brought to the commissioner regarding fees and late returns of Gabriel reports in three weeks.


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Question: In box 13 of section D1 of the Gabriel report, it is mentioned that additional own funds might be required for professional indemnity insurance purposes. How would I know whether I have to hold additional capital in this way? Answer: If you have an excess of more than £2,500 for mortgage and general insurance […]


Adviser calls for Gabriel reporting boycott as problems persist

Advisers are continuing to report serious problems when submitting their Gabriel reports to the FCA, with one firm calling for a boycott of part of the electronic system until the issues are resolved.   Kingston Independent Financial Advisers company secretary Sam Caunt has written to the FCA several times raising problems with Gabriel’s retail mediation […]

FCA survives complaints over Gabriel guidance

Two separate complaints about the clarity of the FCA’s guidance and expectations on Gabriel reporting requirements have been quashed by the Complaints Commissioner. However, the FCA has been asked to waive a late return charge and been asked to make sure debt collection and fees processes on Gabriel reporting are clear. In his report today, […]

Compliance tip: Reducing Gabriel completion stress

The deadline is looming for many firms’ Gabriel reporting. Parts of the return are easier to fill in – training and competence, complaints, PI policy details, for example. But the accounting and capital adequacy sections need more preparation, as you will generally need to delve into management information or consult your accountant. A lot of […]


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

  1. Nicholas Pleasure 6th November 2018 at 2:59 pm

    Has this firm never heard of a diary?

  2. All that time and money wasted whingeing over £250.

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