How to Complain About a Financial Adviser — Step-by-Step

Complaining about a financial adviser can feel daunting, but the process is clear and well-structured. This guide walks you through every step — from your initial complaint to the firm through to the Financial Ombudsman and beyond.

Quick Answer: Under FCA DISP 1.6, a regulated adviser has 8 weeks to issue a final response to your complaint. If they reject it or miss the deadline, you can escalate free of charge to the Financial Ombudsman Service, which awards up to £430,000. The FOS upheld 37% of all complaints in 2024/25. Source: FCA DISP 1.6; FOS Annual Report 2024/25.

Step 1: Complain Directly to the Firm (Weeks 1–8)

Every FCA-regulated firm is required to have a formal complaints process. Your complaint must be acknowledged within 5 business days and a final response issued within 8 weeks. Your complaint letter should:

Identify you clearly (name, account number, dates of advice)
Set out what went wrong and why you believe the advice was unsuitable
Specify the financial loss you have suffered
State clearly that you are making a formal complaint under the firm's complaints procedure
Request a full written response within 8 weeks

We provide a free complaint letter drafting service — contact us and we will draft the letter for you.

Step 2: Financial Ombudsman Service (if the firm rejects or ignores you)

If the firm rejects your complaint or does not respond within 8 weeks, you can refer your case to the FOS. The FOS is free to consumers and can award up to £430,000. The FOS process:

Submit your complaint at financial-ombudsman.org.uk or call 0800 023 4567
The FOS will contact the firm and request their file
An adjudicator will review both sides and issue a preliminary decision (typically 3–9 months)
Either party can appeal the adjudicator's decision to an Ombudsman for a final determination
If you accept the award, it is binding on the firm — the firm cannot appeal

Step 3: FSCS (if the firm has gone into administration)

If the firm is no longer trading and has been declared in default, your claim goes to the FSCS (up to £85,000). Check whether the firm is in default at fscs.org.uk or see our failed firms list.

Step 4: Court Claim (for losses above FOS limits or complex cases)

Where your loss exceeds £430,000, involves multiple defendants, or where the FOS declines jurisdiction, court proceedings may be the appropriate route. Edward & Amaury handle court claims on a No Win No Fee basis.

Frequently Asked Questions

Do I need a solicitor to complain to the FOS?

No. You can complain to the FOS directly for free. However, having a solicitor draft your complaint significantly increases the quality of the submission and the likelihood of a favourable outcome, particularly for complex investment or pension losses.

What happens if the FOS rejects my complaint?

You can consider court proceedings. An FOS rejection does not bar a court claim, though the court will be aware of the FOS decision.

Can I complain anonymously?

No — you must identify yourself. However, your complaint is confidential between you, the firm and the FOS.

What if the adviser is no longer authorised?

If the firm has lost its FCA authorisation but is still trading, complain in writing and escalate to the FOS. If declared 'in default' by the FSCS, apply direct to the FSCS — up to £85,000 per eligible claimant.

Talk to us

Free help drafting your complaint on 01228 272 395 or start your claim online. See also: FOS vs FSCS, evidence needed.