SUP 15.12 1Ongoing alerts for retail adviser complaints

For the purpose of SUP 15.12.1R:

1. (1)

   when calculating the number of complaints in SUP 15.12.1R(1)(a), the firm should exclude complaints previously notified to the FCA under this rule;

2. (2)

   redress, under SUP 15.12.1R(1)(b), should be interpreted to include an amount paid, or cost borne, by the firm, where a cash value can be readily identified, and should include:

   1. (a)

      amounts paid for distress and inconvenience;

   2. (b)

      a free transfer out to another provider for which a transfer would normally be paid for;

   3. (c)

      goodwill payments and gestures;

   4. (d)

      interest on delayed settlements;

   5. (e)

      waiver of an excess on an insurance policy; and

   6. (f)

      payments to put the consumer back into the position the consumer should have been in had the act or omission not occurred; and

3. (3)

   the amount of redress paid under SUP 15.12.1R(1)(b) should not include repayments or refunds of premiums which have been taken in error (for example, where a firm has been taking, by direct debit, twice the actual premium amount due under a policy) and the refund of the overcharge would not count as redress.