A financial adviser has complained against the Financial Services Authority, alleging it damaged their reputation and prevented them from joining several networks.
The complaint related to the FSA’s approach to unauthorised collective investment schemes and was taken up by the Financial Services Complaints Commissioner.
But the commissioner, Antony Townsend, rejected the complaint saying his service was not “the appropriate forum” for investigating the allegations.
The complaint stems from the FSA’s decision to fine a firm - referred to as Firm S – in which the adviser had a controlling function in 2011 for breaches in respect of Ucis promotions.
The adviser worked for Firm S, which began winding up in June 2012, and then joined an offshore IFA, referred to as S&J, until the end of 2015.
After leaving S&J at the end of 2015, the adviser alleges they were unable to secure employment in 2016 due to the reputational damage they suffered due to the FCA revised guidance on Ucis between 2011 and 2013.
The FCA “expressed regret” if the adviser felt they had been damaged by its actions against the firm but said there were more appropriate ways of challenging its actions.
Mr Townsend said: “I am sorry for the distress you feel over these matters, but I do not think the Complaints Scheme is the appropriate forum to investigate the allegations you make.
“I agree with the FCA’s position that your complaint about the FCA’s general regulation of Ucis is excluded under the scheme, and that any reputational damage you may have incurred from the final notice against Firm S would have been better dealt with elsewhere, and therefore should not be investigated.”
damian.fantato@ft.com
