What does the complaints scheme cover?
The Complaints Scheme covers complaints about the way in which the regulators have carried out, or failed to carry out, their ‘relevant functions’ including complaints alleging: a) mistake and lack of care; b) unreasonable delay; c) unprofessional behaviour; d) bias; and e) lack of integrity. More detailed information on the Scheme’s coverage and the regulators’ ‘relevant functions’ can be found in the Complaints Scheme which was updated on 1 November 2023.
The Scheme also sets out situations where we cannot investigate. For example, we cannot consider:
- complaints about firms we regulate. We do not investigate personal issues with bank/insurance companies, such as a banking account problems, home or motor insurance claims or personal pensions. If you have a complaint about a regulated firm, you should initially raise this with the firm itself. If the firm cannot resolve the matter directly, you may be able to make a complaint to the Financial Ombudsman Service (FOS). Additionally, the Financial Services Compensation Scheme can consider claims for compensation regarding certain firms;
- complaints about our rules or guidance; or
- complaints about other regulators.
Anyone can make a complaint if they are directly affected by the matters they complain about. A complaint must be made within 12 months of you having become aware of the matters that gave rise to it, unless you can demonstrate reasonable grounds for delay. The full text of our scheme can be found here:
Please refer to the March 2016 Complaints Scheme for complaints made to us on or before 31 October 2023.
If you are making a complaint relating to the question of whether a Recognised Clearing House (RCH) or Recognised Central Securities Depository (RCSD) should remain a recognised body, and you are not making a complaint about the regulators, you should write to:
Bank of England
FMI Supervision Directorate, MG-SE-3
London EC2R 6DA