This Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England (the Bank) consultation paper (CP) sets out proposed changes to their joint complaints scheme (the Scheme). The Scheme was set up under the Financial Services Act 2012 to cover the procedures for handling complaints against the regulators themselves (as opposed to complaints against regulated firms), and to describe the role of the independent Complaints Commissioner.
The CP proposes a new version of the Scheme to simplify its wording and make it more accessible to its main users – consumers and small businesses – as well as others. It also puts forward a more detailed description of the regulators’ approach to remedies, in particular ex-gratia compensatory payments (which is a payment made out of goodwill, without any legal obligation to make it).
This consultation may be of interest to anyone who is a potential or actual complainant under the Scheme. This includes regulated businesses and consumers of financial services. It may also be of interest to consumer advocates and action groups, trade associations, journalists and politicians, among others.
The aim is for the new version of the Scheme to come into force as soon as reasonably practicable, after taking comments from the consultation into account.
Responses and next steps
The full consultation paper is hosted on the FCA’s website. This consultation closes on Monday 14 September 2020. Please address any comments to email@example.com, or using the response form on the FCA website.