The Financial Regulators Complaints Commissioner has recommended that the Financial Conduct Authority makes an ex gratia payment of £6,500 to an individual complainant. The recommended payment represents 50% of the total loss suffered by the Complainant as a result of errors in the Financial Services Register.
The Complaints Commissioner acknowledged that the FCA should not be deemed to generally warrant the accuracy of the Register. However, this was “not an ordinary case”, as the Register inaccuracies stemmed from “two serious errors” made by the FCA. The Complaints Commissioner also recommended that the FCA should undertake “a review of its processes to reduce the risks”. Continue Reading