The Complaints Commissioner has published its final report on the FCA’s oversight of London Capital & Finance plc (LCF). The report splits the complaints about FCA’s regulation of LCF into three categories:
- Dissatisfaction with FCA’s oversight of LCF – the Commissioner says that the warning message on the FCA Register needs to be made more prominent and urges FCA to make necessary amendments;
- A request that FCA should offer complainants an ex gratia compensatory payment for its regulatory failings in its oversight of LCF – the report concludes that FCA’s approach to compensation in LCF cases is unjustified and does not stand up to scrutiny. The Commissioner recommends that the position under the complaints scheme be restored; and
- Dissatisfaction with aspects of FCA’s complaints handling process – the Commissioner has given FCA a further period before it decides whether there is a need for systemic improvement of its complaints process.
FCA intends to publish its response to the report by 15 March 2022.