The commissioner said the FCA had "acknowledged the deficiencies" outlined in his report, accepted his recommendations and agreed to apologise to the investor.
He added: "It has told me that it has made a number of changes to the wording of its letters to ensure that this does not arise in future. It has also expressed regret that these changes were not made earlier.
"It says that the complaints team is already reviewing deferrals every six months to assess whether they can now be investigated. It has also updated its letters to make it clear when these reviews will take place."
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