Complaints Commissioner Recommends Register Review
Tuesday, December 12, 2017

The Complaints Commissioner has rejected a complaint against FCA from complainants who suffered loss when a firm that had passported into the UK sold products that were outside its permission. The firm was a Cypriot insurance mediation firm, and the Financial Services Register showed its passport was under the IMD. However, the firm sold investments to the customer. While the Complaints Commissioner accepted FCA’s explanation that the Register was clear, at the same time appreciating it might not be clear to consumers because of the different passports (and said FCA could not be blamed for the way EU law works), the Commissioner also recommended FCA consider whether there is a way to make the scope of passports clearer to consumers.

 

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