How to complain about a financial advisor (Leicester)
**TL;DR: If you’re unhappy with your financial advisor in Leicester, first try resolving the issue directly with them. If that fails, contact the Financial Conduct Authority (FCA) or use the Financial Ombudsman Service. Document everything and gather evidence before filing a formal complaint.**
## Introduction
Choosing a financial advisor should bring peace of mind, not stress. But sometimes things don’t work out as expected. Maybe your Leicester-based advisor made poor investment choices. Perhaps they didn’t explain fees clearly. Or they simply weren’t available when you needed them.
**How to complain about a financial advisor** is an important skill to have. You deserve support that puts your interests first. The good news? You’ve got options. The UK has strong protections for customers. Whether your advisor is independent or works for a major bank, there’s a clear process to follow.
This guide walks you through each step. You’ll learn how to lodge a complaint effectively. We’ll cover what to do if your initial complaint doesn’t work out. Let’s get started.
## What Should You Do Before Making a Formal Complaint?
**Try resolving things directly first. Contact your advisor in writing, explaining what went wrong and what you’d like to happen next. Give them 30 days to respond.**
Start with a calm, professional letter or email. Be specific about the problem. Don’t vent your frustration. Stick to facts. For example, say “You recommended investment X without discussing my risk tolerance” rather than “You’re incompetent.”
Keep copies of everything. Save emails, letters, and notes from phone calls. Include dates and times. Your advisor may simply have misunderstood something. They might offer to put things right. Many complaints get resolved this way without needing to escalate further.
## What Is the Official Complaints Process?
**If direct contact fails, ask your advisor for their formal complaints procedure. This is required by law, and they must give you a copy within three working days.**
Every UK financial advisor must have a written complaints process. Request it straight away if the informal approach doesn’t work. Read it carefully. It’ll tell you exactly who to contact and what information to provide.
Submit your complaint in writing. Include your name, account details, and dates. Explain what happened. Describe how it’s affected you financially. Attach supporting evidence like statements or emails. Your advisor has eight weeks to respond. They’ll either uphold your complaint or explain why they won’t.
## Should You Contact the Financial Conduct Authority?
**Yes, if your advisor doesn’t respond within eight weeks or you’re unhappy with their response. The FCA oversees all regulated financial advisors in the UK, including those in Leicester.**
The FCA is the regulator that keeps advisors in check. If your advisor has breached regulations, the FCA wants to know. You can contact them if you’ve already complained to your advisor without success.
You don’t need to go straight to the FCA, though. There’s another step first.
## What Is the Financial Ombudsman Service?
**The Financial Ombudsman Service is free and independent. They settle disputes between customers and financial firms. Use them if your advisor’s response disappoints you.**
The Ombudsman sits between you and your advisor. They’re completely impartial. They investigate thoroughly. They’ll review all evidence from both sides. Then they’ll decide who’s right.
The service is free to use. There’s no cost even if you lose your case. The Ombudsman can order your advisor to pay compensation up to £20,000. They can also ask them to put things right. Most complaints are resolved within months.
You must contact the Ombudsman within six years of the problem occurring. However, it’s better to act quickly. Evidence stays fresh. Memories remain clear.
## How Do You Make Your Complaint Stronger?
Keep meticulous records throughout. Write down what your advisor promised. Note what actually happened. Calculate your losses carefully. Gather statements, recommendation letters, and emails. These prove your case.
Get advice from another qualified financial professional if needed. They can review whether your advisor acted properly. Expert opinions carry weight with the Ombudsman.
## Conclusion
Making a complaint about a financial advisor isn’t pleasant, but it’s straightforward. Start by talking directly to them. If that doesn’t work, use their formal process. Then escalate to the Ombudsman if needed. Remember, you’re protected by law. The financial industry takes complaints seriously.
Don’t suffer in silence. Your money’s too important for that. Ready to find a better advisor? **Find a financial advisor near you by searching our free UK directory.** We list vetted professionals across Leicester and beyond.
## FAQ
**Q: How long do complaints investigations take?**
A: Usually between 4 and 8 weeks with your advisor’s complaints team. The Ombudsman typically takes 2 to 6 months depending on complexity.
**Q: Can I complain if I’m no longer their customer?**
A: Yes. You have six years from when the problem occurred to complain to the Ombudsman.
**Q: Will complaining cost me money?**
A: No. Both the advisor’s complaints process and the Ombudsman Service are free. There’s no hidden charge.
**Q: What if I’m not satisfied with the Ombudsman’s decision?**
A: You can accept their decision or reject it. If you reject it, you’re free to pursue legal action through courts, though you’ll need a solicitor.
**Q: Can the Ombudsman order my advisor to pay me?**
A: Yes, up to £20,000 per person. They can also order them to fix the problem or explain their actions properly.