Complaints Commissionner/FCA: Complaint number 202400410

The complainant had accused FCA of a lack of action in relation to securing the return of funds to customers of a Cypriot firm, Firm X, which had a right to carry out regulated activities in the UK under a service passport. FCA excluded the complaint as being out of time,  The Commissioner upheld the complaint and stated that FCA should investigate the complaint and provide the complainant with information about its powers (if any) and when it decides to use these for dealing with firms such as Firm X not complying with its instruction to return funds to its UK customers.  FCA has agreed to the Commissioner’s recommendations in part.