Definition of a Complaint

The FCA has defined how a complaint should be identified. Their definition is as follows:

Any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience.

A complainant is one of the following:

  • A private individual
  • A business, which has an annual turnover of under 2 million euros and fewer than 10 employees (at the time the complaint is made)
  • A charity which has an annual income of less than £1 million (at the time the complaint is made)
  • A trustee of a trust which has a net asset value of less than £1 million (at the time the complaint is made)