| Link(s): | Regulators finalise clearer, more transparent Complaints Scheme | FCA PS23/12: Complaints against the Regulators | FCA Complain about us, the PRA or the Bank of England (the regulators) | FCA |
Context
The FCA, the Prudential Regulation Authority (PRA) and the Bank of England have finalised a revised scheme for those who have complaints about the regulators, following the consultation launched in July 2020 (CP20/11). Complainants can include regulated businesses and consumers of financial services.
Key points to note
The aim of the consultation was to propose a revised Scheme that was more user-friendly, using plain language to make it more understandable. It also aimed to improve the transparency of the Regulators’ approach to ‘ex-gratia’ compensatory payments, to help complainants understand what they can and cannot expect from the Scheme.
These aims were, in part, a response to recommendations made by the former Complaints Commissioner.
The Policy Statement outlines the changes being made to improve complainants understanding of how the Scheme works and what to expect from it. They expect the revised Scheme document to give a clear understanding of:
- When a complaint can be made.
- When the regulators will investigate a complaint.
- What may follow in terms of outcomes, including compensatory payments and the appeals process to the Complaints Commissioner.
This revised Scheme will come into force for new complaints made from 1 November 2023.
Next actions
None – for information and awareness.