Reference Case Number: FOI2026/00894
Freedom of Information: Right to know request:
In the FCA’s response to the Complaints Commissioners Annual Report it was stated “Last year, we upheld or partially upheld 47.7% of concluded complaints compared to 9.3% in 2023/24. This increase is accounted for by the conclusion of the Collateral group complaint in which 2 allegations raised by complainants were upheld.”
This is related to the “Collateral UK Decision letter” issued to Collateral investors in December 2024.
In the decision letter, the FCA rejected 2 (self-worded) complaints (paras 10 & 11): “The FCA was wrong to appoint administrators and should instead have closed down the loan book or given the firm time to ensure it met the FCA’s obligations and rules, which amount to dissatisfaction with the FCA’s choice of administrator. “ and “The fees being charged by the administrators as part of the administration process are excessive which will reduce the amount of money the creditors will receive. “
Please supply the number of complaints that were received for each of the complaints given above.
The ‘number’ should in each case be the number of complaints that the FCA grouped into each of the complaints.
FCA response:
For the purposes of this response, we refer to these specific complaints as Complaint Allegation 3 and Complaint Allegation 4 to correspond with the Decision Letter[1] issued in December 2024, as follows:
Complaint Allegation 3 – “The FCA was wrong to appoint administrators and should instead have closed down the loan book or given the firm time to ensure it met the FCA’s obligations and rules, which amounts to dissatisfaction with the FCA’s choice of administrator."
Complaint Allegation 4 – “The fees being charged by the administrators as part of the administration process are excessive, which will reduce the amount of money the creditors will receive."
The number of complaints received which raised the issue described in Complaint Allegation 3 was 76.
The number of complaints received which raised the issue described in Complaint Allegation 4 was 22.
Please note that there is some overlap, as some complaints raised the issues described in both allegations. These will appear in the count for both specified allegations.