An adviser has been waiting five months for the Financial Conduct Authority to address a problem with his firm’s entry in the regulator’s register.
This is despite the FCA having already acknowledged the entry “may not be sufficiently clear”.
Phil Castle’s Kent-based firm Financial Escape has been directly authorised since 2005 but he has complained the appointed representative version of his firm - Financial Escape Ltd - is still listed on the register and is accompanied by a warning that consumers should “not start to do business with an AR that is listed as ‘former’”.
The directly authorised version of his firm - Financial Escape Limited - is listed on the register as authorised.
One of the FCA’s complaints investigators wrote to Mr Castle in April acknowledging his complaint about the way his firm is represented on the register but he said the regulator’s “misinformation” was still on the register in September.
As a result of the delays to changing the register, Mr Castle wrote to the FCA last week.
He stated: “It is now five months since I wrote to you with my complaint and four-and-a-half months I think since you accepted it.
“I do like to give a reasonable time to remedy accepted complaints, as you can see, but I have heard nothing further despite your reassuring words.”
Mr Castle sent a letter to the FCA querying their response to his complaint after FTAdviser revealed a complaint had been made by another adviser about the way they were featured on the regulator’s register to the Complaints Commissioner.
The commissioner stated the register gave the impression an adviser’s firm was suspended and recommended the regulator pay the firm more than £6,000 because of the potential loss of business - through the FCA did not accept this.
Mr Castle said he is now considering whether to take his complaint about how he is represented on the FCA register to the Complaints Commissioner as well.
In the letter from the FCA acknowledging his complaint in April, an employee of the regulator stated: “Whilst the information contained on the register is correct I appreciate that the way in which the search on the Register works may not be sufficiently clear to consumers.
“We have raised your feedback with the area responsible for the Register which is considering steps that can be taken to address the issue.”
