What’s covered

What’s covered

Before making a complaint, check that it’s something FDRC can help you with.

FDRC can consider a complaint if:

  • the complaint is about a FDRC Authorised Firm Member, or, if the financial institution is no longer a member of FDRC, the complaint is about an event that happened while the financial institution was a Scheme Member
  • the complaint relates to an alleged breach of a contract, a statutory obligation, an industry code, or any other legal obligation or to an unfair practice (but need not be stated in this way in the complaint)
  • the complaint is from a person or organisation (defined as having fewer than 20 full-time equivalent employees) that has received, or has been refused access to, the financial service complained about
  • the consumer is a retail client (not a wholesale client nor a professional client)

What isn’t covered?

  • The performance of financial investments
  • A Scheme Member’s fees unless there is a dispute about how they have been applied
  • A Scheme Member’s general policies and practices, although a complaint can be made about how these policies were applied or administered
  • Whilst FDRC is not a compensation scheme and all decisions are discretionary, the maximum compensation that can be awarded is £20,000; complaints can be brought to FDRC that involve more than £20,000, but the maximum compensation that FDRC can award still applies
  • FDRC cannot consider a complaint that has been made in another forum such as a Court or Tribunal; a complaint that has already been considered by FDRC; if a reasonable settlement offer has already been made, or if FDRC decides the complaint is frivolous or vexatious; any complaints that do not fall within FDRC’s jurisdiction will also not be progressed.

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