FCA actively 'monitoring' number of platform complaints

'Would be worried as a re-platformer'

clock • 1 min read

The Financial Conduct Authority (FCA) has said it will monitor the number of complaints platform customers make about them to see how many people are losing out because of poor service.

In its annual report and accounts for 2017/18, the financial watchdog acknowledged the possibility that platform customers could be "harmed" if they are unable to gain access to the service they expect and pay for. The FCA said: "If consumers are unable to access the platform they have invested through then they will not be receiving the service they reasonably expect and are paying for. "Recent complaints data tell us that firms received 15,834 complaints about their platform service, caused by general administrative or customer service problems. We will monitor trends in the number ...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Investment

Partner Content: Is the interest rate descent the time to harvest bonds?

Partner Content: Is the interest rate descent the time to harvest bonds?

Markets expect interest rates to fall this year, offering investors the strongest opportunity for fixed income seen for a long time. Watch this video podcast to learn how best to harvest this exciting opportunity.

Sarka Halas
clock 28 March 2024 • 1 min read
Partner Insight: How effective are impact investments?

Partner Insight: How effective are impact investments?

Impact investing has transformed over the past decade, giving investors the opportunity to pursue both financial returns and social and environmental outcomes.

Sarka Halas
clock 27 March 2024 • 2 min read
Partner Insight: High-yield investors should keep a close eye on the default cycle

Partner Insight: High-yield investors should keep a close eye on the default cycle

As central banks start to think about cutting interest rates, forecasts for a peak in credit default rates are not far behind — and could happen sooner than expected, says Wellington Management’s Alex King.

Sarka Halas
clock 27 March 2024 • 2 min read
Trustpilot