Eligible complainants are those who have a potential claim against a firm based whereby it believes
he/she has suffered a financial loss due to poor advice or service that are:
▪ Private Individuals
▪ Companies within the EU definition of a microenterprise
▪ Charities with an income of under £6,500,000
▪ Trustees of a trust with net assets of under £5,000,000
▪ Professional clients and eligible counterparties where the person is an individual acting for
purposes outside his trade, business, craft or profession
The Financial Conduct Authority complaints rules apply to complaints:
▪ made by, or on behalf of an eligible complainant;
▪ relating to regulated activity;
▪ involving an allegation that the complainant has suffered, or may suffer, financial loss, material
distress or material inconvenience;
▪ not resolved by close of business on the day following receipt;
▪ referred directly to the Ombudsman Service where the complainant and the firm have both
consented to the FOS investigation
Final response
This will set out clearly the firm’s decision and the reasons for it. If any compensation is offered a clear
method of calculation will be shown.
We must include details of the Financial Ombudsman Service in the final response if dealing with an eligible
complainant and a regulated activity, we will:
▪ explain that the complainant must refer the matter to the ombudsman within six months of the
date of this letter or the right to use this service is lost
If the complaint has been resolved within three working days of receiving it, the complaint manager must
issue a respond comprising:
▪ A summary of the complaint
▪ State that the complaint has been resolved
▪ Inform the customer that they can refer their complaint to the claims management ombudsman at
the financial ombudsman service if they are not satisfied.
▪ Indicate that the business is happy to waive the relevant time limits
▪ Provide the Ombudsman’s website address and explain that more information is available on their
website
Analysis
A root cause analysis will be undertaken by the firm in the case of any complaint, and this will be recorded
with the appropriate action having been taken.
Closing a complaint
Where the firm has sent a final response; or where you have indicated in writing acceptance of the firm’s
earlier response to confirm that you are satisfied with the findings of the investigations and any resolution
We will consider the complaint closed once we have issued to you our final response letter
Financial Ombudsman Service