Emma RadmoreThe FCA has provided an update on the complaints it has been receiving about what it is doing, or not doing, in relation to the fallout from BSPS transfer advice. Although it has implemented a redress scheme and taken what it describes as “unprecedented” enforcement activity, it has still received complaints that it hasn’t done enough or has acted too slowly to provide redress.
The FCA has investigated its actions and has concluded that, although it has learnt some lessons, it has taken appropriate action based on the information available at the time, so it has not upheld the complaints. Because of the public interest in the issue, it has taken the unusual decision to publish an appropriately redacted version of its decision letter.