The Complaints Commissioner has found that, despite a serious administrative error by FSA, this was not the direct cause of a claimant’s loss. The claimant had settled a dispute with a firm of financial advisers, which then went into administration, cancelled its permissions and transferred its remaining assets to a new firm. FSA asked the directors of the new firm to agree that any liabilities arising from the old firm would pass to the new one. The claimant’s counsel failed in their attempt to enforce this by way of summary procedure. Subsequently, they argued FSA had lost an email where the claimant warned about the firm’s intentions, and that FSA should not have allowed the firm to cancel its permissions and transfer the assets. The Complaints Commissioner has concluded that the financial loss was not a direct result of FSA’s mistake. Nonetheless, and given the serious administrative error by FSA in losing an important email, it recommended an ex-gratia payment and that FSA put in place further safeguards to ensure that the Cancellations Team does not overlook any relevant information. (Source: Complaints Commissioner – Final Decision)