Financial Conduct Authority  

FCA accused of 'box-ticking' in handling register complaints

But Mr Townsend said the register entry for the other insolvent firm has yet to be updated because the correct form had no yet been submitted by its principal firm, which itself is now in liquidation. 

He added: "I do not believe it was right for the FCA to insist that its records cannot be amended until a form is received, even if that means leaving consumers exposed to the risk of being defrauded by clone firms and rogue operatives.

"I recommended that the FCA reviews its policy about not taking active steps to check the status of firms and update the register as a matter of urgency when it is provided with information that a firm should no longer be authorised to carry out regulated activities, in order to ensure that its objective of consumer protection is met."

In response to the commissioner's concerns the FCA said it has plans in place to address the points raised.

It added: "The FCA also accepts the commissioner's recommendation that we should review our processes where firms have not reported relevant changes but a third party has raised accuracy concerns." 

rachel.mortimer@ft.com 

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