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FSA systems failure causes adviser email mix-up

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FSA systems failure causes adviser email mix-up

A systems failure at the Financial Services Authority (FSA) has resulted in the regulator emailing the wrong adviser firms requesting data on professional standards and complaints.

An FSA spokeswoman said the regulator had sent out emails to all advisers with the same message reminding them to turn in data on professional standards and individual adviser complaints, but that in some cases the emails were addressed to the wrong advisers.

‘What’s important is the content, which is the same,’ she said. ‘It’s a system error. We’ll fix the error so that it doesn’t happen again.’

She said the error which meant the emails could be addressed to the wrong person or have the wrong FSA firm number attached.

Iain Wishart (pictured), managing director of Wishart Wealth Management, received an email addressed to another firm.

Wishart said he forwarded it on to the right firm and that while it seemed to be a generic email, it was not reassuring had the content been of a more serious nature.

‘It’s not ideal is it? It doesn’t give you a warm fuzzy feeling.’

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