15th September 2020

IFA needs a steer on an unusual FOS complaint issue

This week saw an e mail from a longstanding community member. 

He writes: 

"I have a complaint lodged against my firm just today 15^th Sept. 2020. The 6-month deadline was 14^th April 2020 although the client put down the 13^th April 2020.

I have asked the FOS what date did they receive the complaint as there are no dates showing anywhere apart from the date the client put on the form.

Any ideas how behind the FOS is with their procedures? What are the rules about submitting a complaint about evidence of true dates and how do I make sure it’s not backdated"?

We all know that Covid 19 has seen all aspects of regulation hide behind a mass declaration of WFH delays. 

This particular situation seems to present a pretty strange case of date sequencing. The six months period a client has after a complaint is rejected by the firm to take the matter to the FOS expired on the 14^th April. The complaint to the FOS is dated 13^th April and received by the firm on the 15th September.  

The IFA has asked the FOS for some clarification on what date the complaint was actually received, including any copies of e mails or letters. He did go back to the client to ask for copies of any correspondence or e mails to the FOS that could lead to either showing there is a serious backlog at the FOS or a manipulation of dates? The client has refused.

Hamlet, Act 1, scene 4. Marcellas says "Something rotten in the state of Denmark"?

Can anyone assist, contact@panaceaadviser.com,  with thoughts on what action they would take would you respond to a FOS file request when more than six months have elapsed this excluding the client from taking the complaint to the FOS?

Business Development, Regulation