URGENT: Complaints to MPs

Posted on February 26, 2013


The Action Group would like to hear from investors who’ve complained to their MPs about the Fund. Specifically, we’d like to know whether or not you are happy with the way your MP has responded to you after he or she has contacted the FSA on your behalf.

A letter was recently forwarded to us from a volunteer in the UK who has been liaising with an investor who complained to his Member of Parliament. The constituent had received a response from his MP indicating that the FSA had advised the MP that the investor should complain to his IFA, then the Financial Ombudsman Service, about mis-selling.

The investor had provided his MP with no evidence or allegations of mis-selling but plenty of background on all the other problems we know about, including concerns about the FSA’s actions (or lack thereof) when it first became aware of wrongdoing.

The fear is obviously that the FSA may be underplaying those legitimate concerns with MPs and briefing them that this is primarily a straightforward mis-selling case, which we all know is not the full story. Of course, the incident we’re aware of may be an isolated occurrence and a simple misunderstanding on the MP’s part. We hope so. But if there’s any kind of spinning going on, particularly if it involves misleading elected representatives, we obviously need to raise the issue with the FSA at the highest level, and at the earliest opportunity.

If you’ve complained to your MP and your MP, having corresponded or met with the FSA, has responded telling you to complain about mis-selling by your IFA in the absence of allegations or evidence in support of such a claim, we’d like to hear about it. Please email Connaught.media@hotmail.com.

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