Today, the UK Financial Conduct Authority (FCA) response We have submitted complaints from those affected by the collapse of Premier FX Limited in 2018 to the Financial Regulator Complaints Committee Final Report.
Although this may seem a rather cynical statement, the FCA says that an apology is the appropriate remedy in this case.
“In paragraph 158 of the final report, the Commissioner stated that “The FCA will pay simple interest (not per year) in the aggregate of 4% on the capital recovered from the liquidators and Barclays for each complaint (33 of which). This is provided that any losses and recoveries were paid to PFX on or after February 25, 2011.”
We (i.e., FCA) believe. The most appropriate remedy in this case is an apology and a payment to recognize delays in processing complaints, in line with the approach published when dealing with complaints in the first place. ”
Premier FX’s failure caused serious anxiety among those who had entrusted their funds to Premier FX.
In other words, the FCA believes that Premier FX customers should not be compensated more than they are paid for delays in dealing with people’s complaints.
The regulator alleges that the proximate cause of Premier FX’s collapse was the decision of the company and its sole director.
The FCA states:
“Our efforts, which took over 12,000 hours to successfully conduct an enforcement investigation, ensured that the 167 customers whose claims were accepted received the full amount they paid to Premier FX, and that the company’s banker, Barclays, Agreed a voluntary payment of £10,076,943.75.”
The FCA will write to complainants explaining what steps have been taken to strengthen the regulatory process and improvements to the register.