The Financial Ombudsman route
If your former adviser firm is still authorised and trading, your complaint isn't dealt with by the FSCS. Instead, it goes to the firm first and — if they don't put things right — to the Financial Ombudsman Service. The FOS is free for you to use, and their decision is binding on the firm.
Two distinct windows govern this route: DISP 1.6.2R gives the firm up to 8 weeks to issue a final response; DISP 2.8.2R then gives you 6 months from that final response to refer the case to the FOS (in addition to the 6-year / 3-year-from-awareness consumer time limits).
What to expect, step by step
- 1. We send your complaint to the firmDay 0
Once your Letter of Authority is signed, we issue a formal complaint to your former adviser firm setting out why the advice was unsuitable and quantifying your loss.
- 2. The firm has up to 8 weeks to respondWeeks 1–8
Under FCA rules (DISP 1.6), regulated firms must issue a final response within 8 weeks. They may uphold, reject or make a partial offer. In our experience the majority of these complaints are rejected at this stage — that is normal and not the end of the road.
- 3. We escalate to the Financial OmbudsmanAfter the firm's final response (or after 8 weeks of silence)
If you're unhappy with the firm's response — or they don't respond in time — we refer your complaint to the Financial Ombudsman Service (FOS), the UK's free, independent dispute resolution service. Reference: financial-ombudsman.org.uk/consumers/expect/time-limits.
- 4. FOS investigatesTypically 6–12 months
An FOS investigator reviews the case file, asks both sides for additional evidence and issues a view. If either side disagrees, an Ombudsman makes a final, binding decision. FOS can award up to £455,000 for advice on or after 1 April 2019, and up to £205,000 for earlier advice (limits from 1 April 2026).
- 5. Outcome and paymentOn a final decision
If your complaint is upheld, the firm must pay the redress directly to you, normally within 28 days. Our success fee only becomes payable once you receive funds.
Things worth knowing
- A rejection from the firm is normal. Most firms reject the initial complaint. The decision that really matters is the Ombudsman's.
- There are time limits. You generally have 6 years from the event, or 3 years from when you reasonably became aware of a problem, to complain — and then 6 months from the firm's final response to refer the case to FOS. See financial-ombudsman.org.uk/consumers/expect/time-limits.
- FOS is free for you. You don't pay FOS anything. Your SRA-authorised legal partner makes the submission and conducts ongoing correspondence; Redress Advisory provides the supporting platform.
- FOS award limits apply. The FSCS £85,000 cap doesn't apply when the firm is still trading, but FOS binding awards are themselves capped: £455,000 for advice given on or after 1 April 2019, and £205,000 for earlier advice (limits from 1 April 2026, set annually by the FCA).
- It takes time. A typical FOS investigation runs 6–12 months. Your legal partner will keep you updated and chase the case handler regularly.
- You can stop at any time. The complaint is yours. You stay in control throughout.