The UK's Financial Conduct Authority (FCA) has published its response to the Financial Regulator's Complaints Commissioner's final report on complaints from those affected by the collapse of Premier FX Limited in 2018.。In a rather cynical statement, the FCA said an apology was the appropriate remedy in this case.。

"In paragraph 158 of the Final Report, the Commissioner recommended that 'the FCA pay a simple interest of 4 per cent in total (rather than annually) on the principal recovered from the liquidator and Barclays for each complaint (33 in total).。Provided that the lost and recovered funds are paid to PFX after February 25, 2011 "。

The FCA believes that the most appropriate remedy in this case is an apology and payment in recognition of our delay in processing the complaint, which is consistent with the approach we published when we first responded to the complaint. "。

The failure of Premier FX raises serious concerns for those who have entrusted funds to it。

In other words, the FCA does not believe it should have paid compensation to Premier FX's customers for delays in processing customer complaints.。

The regulator said the immediate cause of Premier FX's collapse was a decision by the company and its sole director.。

The FCA said: "Our work, which devoted more than 12,000 hours to a successful law enforcement investigation, ensured that the 167 customers who accepted claims got back all the money they had paid to Premier FX, and the company's bank, Barclays, agreed to make a voluntary payment of 10,076,943..75 pounds。"

It is understood the FCA will write to complainants explaining what steps have been taken to strengthen its regulatory processes and what improvements have been made to its register.。