Complaints to FCA

Complaints to FCA

Here the actions are similar to the Cyprus regulator. The claim is submitted directly to the British Ombudsman (website – financial-ombudsman.org.uk) and is duplicated to the regulator. But there is one difference: the license of the British regulator is much more valuable in comparison with the Cyprus one. At least there are many times more entrance and annual fees. Therefore, no one will lose the FCA license without good reason (in relation to offshore regulators, there are frequent examples when brokers changed their jurisdiction without problems).

The Ombudsman must file a complaint within 6 months from the date of the violation. Before this, the trader is given 8 weeks to resolve the dispute directly with the broker. After submitting a well-grounded complaint, the Ombudsman contacts the broker to clarify the situation, and if the trader is right, then the claim is quickly resolved in his favor.

You can fill out a complaint form to the Ombudsman by downloading the form in .doc format in the section on the How to complain main page (or by clicking on this link ). There are 3 sheets in it, where you will need to indicate detailed information about yourself, about the broker (unlike CySEC, there will be no hints about the legal address and name), answer leading questions. The advantage of the questionnaire is that it is sent by e-mail, to which you can immediately attach all the evidence.

As for filing a complaint directly with the FCA, it is more complicated here compared to CySEC. The Consumers – How to complain section also states that individual complaints are not considered. But if the Cypriot regulator on the site even has a profile for a collective complaint, the FCA immediately sends it to the Ombudsman or to the district courts. By the way, in the UK the chances of winning a case in court are much higher than in offshore jurisdictions or the court. True, you need to be prepared for the fact that all documents will need to be translated into English and, if possible, notarized. Are the financial and time costs of an account balance? You decide.

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