Why do we now have to report complaints on individual advisers?
As part of the RDR, we are placing more emphasis on the standards expected of individual advisers and our monitoring of those standards. This data, combined with other insights and information will help us to focus our supervisory efforts on individuals that do not meet the standards expected of them.
Ongoing complaints notifications will provide us with a more timely/earlier notification of complaints issues with the adviser – either because the redress amount is at a high level or where the volume of complaints is at a high level.
A ‘triage’ team in the FSA will receive information about individual advisers, assess individuals in terms of their risk level and, in collaboration with our firm supervision teams, investigate higher-risk individuals. We recognise that the individual adviser may not be at fault even where the complaint is upheld but where appropriate, supervisory or enforcement action will be taken against individuals and firms.