The FSA has published a decision by Sir Anthony Holland, the Independent Complaints Commissioner for the FSA. The complaint concerned the FSA’s regulation of a firm and its directors over a period of time. The firm’s permission was subsequently cancelled and a prohibition order issued against its managing director. The firm subsequently went into administration. The complainant complained that the FSA should have acted more promptly. The Independent Complaints Commissioner rejected the complainant’s claim for compensation for financial loss. However, he did recommend that the FSA apologise to the complainant and make an ex gratia payment of £250.
View Complaints Commissioner for FSA Decision, (PDF 49.7KB), 9 July 2008