Financial Conduct Authority  

FCA under fire for providing false information

Somal said: “I am pleased to note that the FCA have set out to me that they are taking steps to ensure that its supervision hub directs Scottish complainants to Police Scotland for fraud matters in future.

“I would also recommend that the FCA should review the processes of its supervision hub and consider what steps it could take to improve the quality and accuracy of the referrals it provides to complainants for complaints about firms that are registered in different countries, so that it does not provide incorrect referrals in future.

“I am pleased that the FCA has advised in its response to my preliminary review that it has accepted this recommendation and passed onto the areas involved and actions agreed to address this issue.

"While I know that this will disappoint you... it is my final decision that I will not investigate your complaint further."

The FCA acknowledged the delay in responding to the complaint and offered an ex gratia payment of £50, which the commissioner deemed appropriate.

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