Supervision Concerns Drive Hike in Complaints about FCA

Industry News | 10/02/20

The number of complaints about the City-watchdog jumped more than 50 per cent last year, primarily due to concerns over the regulator’s supervision of the industry. A response to a Freedom of Information request, published on the Financial Conduct Authority’s website yesterday (February 9), shows the FCA had received 1,532 complaints throughout 2019 — 52 per cent more than the 1,007 received in 2018.

The main driver behind the hike was a sharp increase in the number of complaints relating to the FCA’s supervisory role, namely a failure to act on information and failure to spot a problem. A hefty 425 complaints were filed against the City-watchdog in 2019 for failing to act on information it had been provided — six times the 70 recorded in the year before.

Source: FT Adviser