IFAC File Check appeal process

IFAC are noticing a significant increase in the number of file reviews being requested by firms across the board, which is a very positive sign, as it would seem that firm’s are realising the importance and the emphasis placed on third party external file reviews by the FCA, and now by the PII insurers too.

It is also very pleasing to note that the file scores / gradings are continuing to improve overall, with many more high scores being achieved. 

Occasionally, it is possible that advisers / firms may disagree with feedback on a particular file or case. I must stress that our file checking team are here to provide feedback on cases as assessed by a third party. You are perfectly at liberty to agree and take on board the recommendations /actions etc, or, if you disagree, our recommendation would be to add a note to file explaining your reasons and if appropriate, why no action has been taken. 

It is not our general policy to consider appeals against gradings due to the suggested process above. However, should you truly feel that any grading is incorrect, please email john.downs@ifac.eu with details of the case and specific queries in relation to the feedback. 

Please note however, in view of the time needed to conduct an appeal review, there will be a charge implemented of £50 plus VAT to cover the additional work, unless special exemption has been granted.

Finally, please be aware that the result of any appeal review could be that the file score achieved is potentially worse than the initial grading. Any queries, please contact John Downs in the first instance.