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Home > Financial Stability > Complaints about Recognised Clearing Houses
 

Complaints about Recognised Clearing Houses

Complaints about Recognised Clearing Houses


The Bank is required by section 299 of FSMA (Complaints about recognised bodies) to have arrangements to investigate complaints which it considers relevant to the question of whether a recognised clearing house (RCH), including recognised central counterparties, should remain recognised.
This is not an appeal mechanism and not all complaints will fall into this category. 

Certain institutions may also have access to specific complaints mechanisms.  For example, under EMIR (article 7.4) trading venues that have been refused access to a UK central counterparty may raise this with the Bank.  A trading venue wishing to do so should address their concern to the contact details below.  Such matters will be considered in line with the EMIR requirements.
 
Complaints about whether an RCH should remain recognised
 
Where the Bank receives a complaint about an RCH, it will, in the first instance, seek to establish whether the complainant has approached the RCH. Where this is not the case, the Bank will usually ask the complainant to complain to the RCH. Where the complainant is dissatisfied with the handling of the complaint, but has not exhausted the RCH’s internal complaints procedures, the Bank will encourage the complainant to do so.
 
The Bank will not usually consider a complaint which has not, in the first instance, been made to the RCH concerned, unless there is good reason.
 
When it is considering a complaint the Bank will make its own enquiries with the RCH, the complainant and, sometimes, other persons. It will usually ask the RCH and the complainant to comment upon any preliminary or draft conclusions and to confirm any matters of fact at that stage.
 
The Bank will communicate to the complainant the outcome of its investigation of the complaint, but will normally discuss any action which it considers the RCH should take with the RCH itself.

Anyone wishing to make a complaint should address their complaint to:

Contact details
 
FMIInformation[at]bankofengland.co.uk

Or by post:
 
FMI Information
Bank of England
FMI Supervision Directorate, MG-SE-3
20 Moorgate
London, EC2R
6DA
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