Regulation  

FCA under fire for delays updating register

FCA under fire for delays updating register

An adviser has been waiting five months for the Financial Conduct Authority (FCA) 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 that 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’”.

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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 was represented on the register, but he said the regulator’s “misinformation” was still on the register in September.

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.”

Mr Castle said he was now considering whether to take his complaint about how he is represented on the FCA register to the Complaints Commissioner.

In the letter from the FCA acknowledging his complaint in April, an employee of the regulator stated: “We have raised your feedback with the area responsible for the register, which is considering steps that can be taken to address the issue.”