An adviser has complaint to the Financial Ombudsman Service, the Financial Conduct Authority and the Financial Services Complaints Commissioner about another firm poaching their clients - but has had his complaint rejected by all three.
The IFA, who has not been named, has not been successful in their attempts, with the Fos saying it amounted to a “commercial dispute” which it could not assist with.
The FCA said it would take the issue into account in its handling of regulated firms but said it could not deal with individual complaints, prompting the adviser to take the issue to the Complaints Commissioner, claiming they had been “fobbed off”.
But Antony Townsend, the Complaints Commissioner, also said there was nothing he could do.
He said: “I can appreciate how disappointing it must be to remain dissatisfied after making a complaint and involving the Fos.
“However, as it explained to you, the FCA can decide which issues and concerns to pursue.
“Even if it took further action because of the information which you have supplied, it would not be able to provide you with any compensation or redress.
“It seems that what you are seeking is practical assistance in your dispute with Firm A; however that is not something either my office or the FCA can provide.
“For that reason, frustrating though it must be for you, I am afraid that your only options are to pursue your concerns with Firm A or to take legal action.”
The adviser’s complaint dates back to 2005 when, they claimed, a company referred to as Firm A stole their clients.
The complaint decision does not reveal whether Firm A was a provider or the number of clients which were “stolen”.
damian.fantato@ft.com
