Everything you need to know about how to complain about a financial adviser uk in the UK.
If you believe your financial adviser has given you unsuitable advice, acted negligently, charged undisclosed fees, failed to act in your best interests or breached regulatory standards, you have the right to complain. Common grounds for complaint include being recommended an investment that was too risky for your circumstances, being advised to transfer out of a defined-benefit pension without good reason, or discovering that the adviser earned hidden commissions.
Under FCA rules, financial advisers must treat customers fairly, give suitable advice based on a thorough assessment of your needs and circumstances, and clearly disclose all charges. If these standards have not been met, you should not hesitate to raise the issue.
The first step is always to complain directly to the financial advice firm. All FCA-authorised firms are required to have a formal complaints procedure. Put your complaint in writing—by letter or email—setting out clearly what went wrong, when it happened, and what you want the firm to do about it (for example, an apology, a refund of fees, or compensation for financial loss).
Include your full name, contact details, the adviser’s name, your account or reference number, and any supporting documentation. Keep copies of everything you send. The firm must acknowledge your complaint promptly and provide a final response within eight weeks.
Many firms resolve complaints at this stage, particularly if the issue is clear-cut. If the firm upholds your complaint, they should offer appropriate redress. If they reject it, or you are unhappy with their response, you can escalate the matter.
If the firm has not resolved your complaint within eight weeks, or you are dissatisfied with their final response, you can refer the case to the Financial Ombudsman Service (FOS). The FOS is a free, independent dispute-resolution service for financial complaints. It can award compensation of up to £430,000 for complaints about events after 1 April 2019.
You must refer your complaint to the FOS within six months of receiving the firm’s final response letter. The FOS will review the evidence from both sides and make a decision. If the ombudsman finds in your favour, the firm is legally required to comply with the ruling.
💡 Using the Financial Ombudsman Service is completely free. You do not need a solicitor to make a complaint, and the process is designed to be accessible to ordinary consumers. The FOS handles over 200,000 enquiries per year.
If the financial advice firm has ceased trading and cannot pay compensation, the Financial Services Compensation Scheme (FSCS) may be able to help. The FSCS is the UK’s statutory compensation scheme for customers of authorised financial services firms. It can pay up to £85,000 per person per firm for claims relating to bad investment advice.
FSCS claims are free to make and you can apply online. The scheme covers advice on investments, pensions, insurance and mortgages. Processing times vary, but straightforward claims are often resolved within a few months.
The most frequently upheld complaints about financial advisers involve:
⚠️ There are time limits for making complaints. Generally, you must complain within six years of the event, or three years from when you became aware (or should reasonably have become aware) that you had cause to complain. Do not delay if you suspect something is wrong.
To give your complaint the best chance of success, gather as much evidence as possible. This includes the original advice documentation (suitability report, fact-find, risk assessment), any correspondence with the adviser, statements showing the financial impact, and notes of any conversations.
If your complaint involves a significant financial loss, you may wish to obtain an independent expert report assessing whether the advice was suitable. Some claims-management companies offer to handle complaints on a no-win, no-fee basis, although you can do it yourself for free.
All legitimate financial advisers must be authorised by the Financial Conduct Authority (FCA). You can check whether an individual or firm is authorised by searching the FCA Register at register.fca.org.uk. The register shows the firm’s permissions, status and any regulatory actions taken against it.
If you discover that someone has given you financial advice without being FCA-authorised, report them to the FCA immediately. Unregulated advice is a criminal offence and the FSCS will not cover losses from unregulated activity.
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