Complaints against the Regulators
(The Financial Conduct Authority,
the Prudential Regulation Authority
and the Bank of England)
The Complaints Scheme
1 November 2023
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Contents
1. The Complaints Scheme 3
2. Eligibility 5
3. Making a complaint 8
4. Initial assessment of your complaint 9
5. Investigating your complaint 10
6. Addressing your complaint 11
7. What to do if you are dissatised with our
response 15
8. Will the Complaints Commissioner
investigate a complaint which we have
not investigated? 18
Annex A
Transitional arrangements for complaints 19
Annex B
Complaints against the Financial Services
Authority after 31 October 2023 20
Annex C
The previous Scheme 21
Annex D
The Complaints Commissioner 40
Annex E
Glossary 42
3
Chapter 1
The Complaints Scheme
1.1 This document contains the details of the Scheme maintained by the Regulators to
investigate complaints made against them.
1.2 It sets out how you can make a complaint, explains how and when the Regulators will
investigate, and the possible outcomes of a complaint.
1.3 You may refer your complaint to the independent Complaints Commissioner at any
point in this process. If a complaint is referred to the Complaints Commissioner before
the Regulators have had the opportunity to conduct or complete an investigation,
the Complaints Commissioner will consider whether to allow the Regulators that
opportunity before conducting their own investigation.
1.4 If you are dissatisfied with a decision made by the Regulators in response to your
complaint, you can refer your complaint to the Complaints Commissioner who may
choose to investigate.
1.5 The Scheme deals with complaints about us. There are separate processes for dealing
with complaints about firms. We require the firms we regulate to have processes in
place for resolving disputes with their customers. The Financial Ombudsman Service
can also consider complaints against firms and, where appropriate, recommend or
provide compensation to eligible complainants. Additionally, the Financial Services
Compensation Scheme (FSCS) can consider claims for compensation in respect
of firms where certain eligibility conditions are met. Broadly speaking, the Financial
Ombudsman Service deals with complaints about regulated firms from consumers,
micro-enterprises, small businesses, and some charities and trusts. The FSCS covers
claims from consumers and some eligible small businesses, limited companies, and
charities in connection with most regulated activities by regulated firms which have
gone out of business.
1.6 This Scheme also sets out the process for referring your complaint to the Complaints
Commissioner (see Sections 7 and 8) and explains how and when the Complaints
Commissioner may investigate.
1.7 For complaints which were made before this Scheme came into force, see Annex A. For
complaints about the Financial Services Authority (FSA), see Annex B.
1.8 We show a flow chart of our complaints process and how we handle a typical complaint
on the next page. Section 7 includes a flow chart of how a typical complaint which is
referred to the Complaints Commissioner is handled.
1.9 In this document, we use ‘we’, ‘our’ and ‘us’ to refer to the Regulators and refer to the
complainant as ‘you’ or ‘your’. We define any words highlighted in bold for the first time
in the glossary in Annex E.
4
Overview of the Complaints Process
1.10 This shows how we handle a typical complaint:
Submit your complaint to us
We will acknowledge your
complaint within 5 working
days of receipt.
Is your complaint eligible for
investigation under the
Scheme?
Within 4 weeks of us receiving
your complaint, we will write
to you to explain why we are
not investigating your
complaint.
You can refer your complaint
to the Complaints
Commissioner within
3 months of getting our
decision.
* If your complaint is complex in nature or forms part of a group of complaints about
the same issue, it may take us longer than 8 weeks to complete our investigation.
If this is the case, we will update you every 4 weeks until you receive our decision.
We will write to you within 4 weeks
of receiving your complaint to
outline our decision on whether
your complaint is eligible for
investigation under the Scheme
and explain the next steps.
We will aim to complete our
investigation within 8 weeks* of
receiving your complaint. We will
update you every 4 weeks on our
progress until you receive our
decision.
Once we have concluded our
investigation, we will write to you
with our decision and any relevant
outcome.
Are you satisfied?
Your complaint is concluded.
Are you satisfied?
Ye s
Ye s
No
No
No
Ye s
5
Chapter 2
Eligibility
When you can make a complaint
2.1 You can make a complaint under the Scheme if:
a. you have been directly affected by the actions or inactions of the Regulators; and
b. you are seeking an outcome that can be provided under the Scheme for some
inconvenience, distress or loss you have suffered.
2.2 For further information on the outcomes the Scheme can provide, see Section 6.
2.3 You can nominate someone else to make a complaint on your behalf. We need written
authorisation from you to allow this.
2.4 You must notify us of your complaint within 12 months of the date you first become
aware of the issues you are complaining about. We will only investigate complaints made
later than this if we consider that there is a good reason for the delay.
What we can investigate under the Scheme
2.5 Only complaints about the relevant functions of the Regulators can be investigated
under the Scheme.
2.6 For the Financial Conduct Authority (FCA) and the Prudential Regulation Authority
(PRA), broadly speaking, relevant functions include our authorisation, supervisory,
and enforcement functions and our operation of this Scheme and, for the FCA only,
maintaining the Financial Services Register.
2.7 For the Bank of England (the Bank), the complaint must relate to its relevant functions
in relation to recognised clearing houses, central securities depositaries, inter-bank
payment systems or wholesale cash distribution.
2.8 The types of complaint we can investigate under the Scheme include allegations of:
a. mistake;
b. lack of care;
c. unreasonable delay;
d. unprofessional behaviour;
e. bias;
f. lack of integrity.
6
What we cannot investigate under the Scheme
2.9 We cannot investigate complaints that do not relate to our relevant functions. This
includes complaints about:
a. our relationship with our employees;
b. contractual or commercial disputes you may have with us that are not connected to
how we carry out our relevant functions;
c. complaints about the exercise of our legislative functions – such as rule-making
and issuing general guidance;
d. the actions or inactions of the FSCS or the Financial Ombudsman Service.
2.10 Under this Scheme, we also cannot investigate complaints about the firms we regulate.
If you have a complaint about a regulated firm, you should complain directly to the firm
involved in the first instance. The Financial Ombudsman Service may be able to help if
you are dissatisfied with the response you have received from the firm.
What we will not investigate under the Scheme
2.11 Even where your complaint is eligible, we will not investigate a complaint under the
Scheme if we reasonably consider:
a. it amounts to no more than general dissatisfaction with our policies or practices (i.e.
you are not alleging any specific unreasonable, unprofessional behaviour or other
misconduct);
b. it would be better dealt with in another way (for example, by referring the matter to
the Upper Tribunal or through other legal proceedings);
c. we have already responded adequately to the same or a substantially similar
complaint from you on a previous occasion;
d. your complaint is vexatious.
Investigations that may be deferred
2.12 Sometimes we may need to defer the investigation of a complaint. For example, if the
complaint relates to any form of continuing action by us or any other formal investigation
(for example, criminal inquiries). We may also defer investigation of a complaint if the
complaint relates to the subject matter of legal proceedings, whether or not you are
involved in those legal proceedings.
2.13 We may decide we could start an investigation of your complaint before any continuing
action has been concluded. This would happen if we consider it would be unreasonable
for you to wait for the ongoing action to end before we investigate your complaint. We
must also be satisfied that the ongoing action would not be prejudiced or otherwise
affected by us investigating your complaint before this ongoing action has concluded.
7
2.14 If we do decide to defer the investigation of your complaint, we will keep that decision
under review, and contact you at least every 6 months to indicate when we expect to
be able to investigate your complaint. If you disagree with our decision to defer your
complaint, or the continuing deferral of your complaint, you can refer your complaint to
the Complaints Commissioner.
8
Chapter 3
Making a complaint
How to make a complaint
3.1 You can submit your complaint to us using the contact details on our websites (FCA,
PRA and the Bank).
3.2 You can make a complaint to any of us and we will ensure the relevant Regulator handles
it. Please note each Regulator can only investigate complaints about themselves, not
each other.
3.3 If you make a complaint to more than one Regulator about the same or related matters,
please let us know. This is because when a complaint is made that relates to more than
one Regulator, we may decide it would be more appropriate for us to carry out a joint
investigation of your complaint instead of each Regulator investigating your complaint
separately.
3.4 Please also let us know if you need any reasonable adjustments to be made to allow
you to access the Scheme or to make your complaint. Examples include providing
documents in larger print and communicating by telephone as well as in writing. There
are further details on the respective Regulators’ websites.
3.5 The Scheme is designed to be straightforward to use. So we do not consider you need
to use a specialist firm to manage or advise on a complaint you make against us. If you
instruct a complaint handling firm or professional services firm to manage or advise on
your complaint, we will not usually reimburse you for their fees even if your complaint is
upheld and a compensatory payment is made.
Acknowledging your complaint
3.6 We will acknowledge your complaint within 5 working days of receiving it. We will give you
a copy of the Scheme and explain your right to refer your complaint to the Complaints
Commissioner. We will usually do this by giving you a link to the Scheme on our website.
We can send you a hard copy of the Scheme, if you request it.
9
Chapter 4
Initial assessment of your complaint
4.1 We will assess whether we think your complaint is eligible to be investigated under the
Scheme.
4.2 We will write to you within 4 weeks of receiving your complaint to outline our decision on
whether your complaint is eligible and explain the next steps.
4.3 If we decide your complaint is eligible, we will summarise our understanding of your
complaint and confirm how we intend to investigate it.
4.4 If we decide your complaint is not eligible to be considered under the Scheme, we will
also write to you to let you know and explain why.
4.5 If we decide not to investigate your complaint where it is eligible under the Scheme, or
decide that we need to defer our investigation, we will explain why. See paragraph 2.11 to
2.14 above.
4.6 Where we decide not to investigate your complaint (whether it is eligible or not) or we
decide to defer our investigation, we will explain to you how to refer your complaint to
the Complaints Commissioner if you are dissatisfied with our decision.
10
Chapter 5
Investigating your complaint
5.1 We will resolve your complaint as quickly as we can. If we are not able to resolve your
complaint within 8 weeks of receiving it, we will write to update you. We will set out the
progress of our investigation and, if we can, we will tell you how long we expect our
investigation to take. Unless your complaint is deferred, we will continue to give you written
updates on our progress every 4 weeks until you receive our decision on your complaint.
5.2 Your complaint will usually be investigated by a member of our Complaints Team who
has not previously been involved in the matters complained about. Sometimes, we may
consider it appropriate for your complaint to be dealt with by the business area to which it
relates, for example, if your complaint is about a minor administrative mistake that could
quickly and easily be addressed by them. If your complaint is investigated by the business
area and you are unhappy with their response, you can ask for the Complaints Team to
investigate it.
5.3 When investigating your complaint, we will consider any information you submit and
any relevant information we hold. Sometimes we may need to contact you, or another
person, such as another Regulator, to request further information that would help us in
investigating your complaint. Our investigations are desk-based and we do not interview
witnesses or complainants.
5.4 If we request information from you which we need to investigate your complaint, but
do not receive a response, we may not be able to progress our investigation. In these
circumstances, we may close your complaint. We will contact you at least twice before
closing your complaint. When we close your complaint, we will explain our reasons in writing.
5.5 We, and the Complaints Commissioner, will accept any finding of fact or any decision by a
Court, Tribunal or regulatory body of competent jurisdiction in the UK or elsewhere (which
has not been set aside on appeal or otherwise) as conclusive.
5.6 If your complaint involves more than one Regulator, we will usually appoint one Regulator
as your point of contact. They will co-ordinate a joint investigation and be responsible for
all communications with you about your complaint.
5.7 We may stop investigating your complaint if we reasonably consider that your behaviour is
vexatious, abusive or discriminatory.
Our decision
5.8 When we have completed our investigation, we will send you a decision letter. This
will explain our conclusions and whether we have upheld your complaint. If we have
not upheld your complaint, we will tell you why. Whether or not we have upheld your
complaint, we will remind you of your right to ask the Complaints Commissioner to
review our decision if you are dissatisfied with it.
11
Chapter 6
Addressing your complaint
6.1 If we uphold your complaint, we will tell you and identify an appropriate outcome based
on the individual features of your complaint.
6.2 Our aim is to be consistent and fair, to ensure outcomes are appropriate and reflect all
the circumstances of your complaint.
6.3 In considering an appropriate outcome, we will take into account:
• how you want us to resolve your complaint;
• the seriousness, nature and duration of our failing(s) and its/their consequences
for you;
• the nature of our relationship with you and the extent to which you have been
negatively affected in the course of your direct dealings with us;
• whether what happened was the result of an operational or administrative failure
by us or a policy decision made by us where we had to balance conflicting interests
and complex issues;
• the impact of the cost of compensatory payments on the businesses that fund us
through paying our fees and, indirectly through them, consumers.
6.4 We usually take one or more of the following steps:
• make an apology: where we have made a mistake, we apologise;
• take an action to address the complaint: where necessary, we can take action,
such as providing further explanation or guidance, implementing steps to end or
reduce a delay, waiving or reimbursing fees that we should not have charged you,
or correcting an error or inaccuracy;
• make improvements: when investigating any complaint, even if it is not upheld, we
always consider whether there are changes that we could make to our practices,
policies, or procedures to improve these or help avoid the same problem in the
future;
• make a discretionary compensatory payment.
6.5 If we decide that a compensatory payment is appropriate (either in recognition of
financial loss or not), it will be made on a discretionary basis. Generally speaking,
compensatory payments are likely to be modest. This is because:
• by law, we are immune from liability in damages when carrying out our public
functions (such as regulation and supervision) unless it is found that we have acted
in bad faith or have breached your human rights;
• the Scheme is not set up to consider complex issues such as causation but to
resolve complaints effectively and quickly, wherever possible – our assessment of
compensatory payments cannot be made in the same way that a Court or Tribunal
calculates an award of compensatory damages;
• our approach to compensatory payments under the Scheme must also reflect the
fact that, because we are funded by the financial services industry, the costs of the
12
Scheme (including any compensatory payments) will fall on authorised businesses
and indirectly, through them, consumers.
6.6 In deciding the levels of discretionary compensatory payments (whether in recognition
of financial loss or not), we will consider how the cumulative impact of payments may
affect the fees we levy on the regulated financial services industry as noted above.
In some cases, we may decide that the levels of compensatory payments need to be
reduced in light of that impact.
6.7 The Scheme is not intended to insure against losses caused by firms that are not
covered (or not covered in full) by the Financial Ombudsman Service or FSCS.
Compensatory payments in recognition of financial loss
6.8 If you are seeking compensation for a financial loss, we will only consider making
a compensatory payment in recognition of your financial loss where adequate
documentary evidence of the financial loss has been provided, and where both of the
following 2 conditions have been met.
6.9 The first condition is that there has been a clear and significant failure by us. A failure
would be taken to be clear, for example, in a situation where we have failed to take a
specific action in line with our policies or procedures. Another example could be where
we have specifically committed to do something and failed to carry this out.
6.10 If there is doubt about whether we took adequate action – for example, because there
were factors which provide a reasonable explanation of why we did not act in line with our
policies or procedures – this is unlikely to constitute a clear failure.
6.11 A failure would be significant if, for example, there have been repeated errors, with
numerous opportunities for us to correct the mistake. A simple administrative error with
limited financial impact is unlikely to amount to a significant failure.
6.12 The second condition is that we are the sole or primary cause of the loss. The factors
that we will consider in assessing this include:
a. the role of any other parties and whether they are the primary cause of your loss;
b. any steps you could have taken to reduce the impact from their and our actions or
inactions.
13
6.13 Given the nature and purpose of the Scheme, we will not undertake the kind of
detailed assessment into the causes of loss that a Court would carry out (as explained
in paragraph 6.5). We will carry out a common-sense analysis to see whether we are
the sole or primary cause of your financial loss. If it is not clear that we are the sole or
primary cause, this is likely to mean that a compensatory payment in recognition of your
financial loss is not appropriate. We consider that it is unlikely that we would be the sole
or primary cause of a loss for a matter which is outside our regulatory remit.
6.14 If both conditions are met, we will consider a number of relevant factors to help us to
decide the appropriate amount of compensatory payment, including:
• the seriousness, nature and duration of our failing(s) and its/their consequences
for you;
• the amount of your evidenced and foreseeable financial loss;
• your individual circumstances, based on information that you have provided to us
and/or is available to us;
• the extent to which the issue which has resulted in your complaint is within our
regulatory remit.
6.15 Compensatory payments are unlikely to reflect the full amount of your loss.
Compensatory payments in recognition of non-financial loss
6.16 We may also make a compensatory payment in circumstances when our actions or
inactions have had some other negative impact on you such as contributing to your
distress or inconvenience. Usually an apology, together with action to address the
complaint and/or make improvements, are the most appropriate outcomes. It is only if
we consider that these are insufficient to resolve your complaint that we will consider
making a compensatory payment to you.
6.17 If we decide that a compensatory payment is justified, we will use the payment levels
below to help us to decide the appropriate amount, and to ensure consistency and
transparency in our decision making. Where appropriate, a compensatory payment of
this nature could be paid in addition to a payment for financial loss.
Compensatory payment levels
Level Range Impact
1 Up to £100 Your complaint may fall into this category if we consider
that you have experienced a relatively low level of distress or
inconvenience as a result of our actions or inactions. This might
typically arise from a one-off incident or occurrence such as
a small administrative error, or where the impact on you is of
short duration. Avoidable complaint handling delays of up to 10
months will fall into this category.
14
Level Range Impact
2 £101-£500 Your complaint may fall into this category if we consider that you
have experienced a moderate level of distress or inconvenience
as a result of our actions or inactions. This might typically arise
from multiple small incidents, or a single, relatively significant
incident, where the impact on you was of moderate duration.
Avoidable complaint handling delays over 10 months will fall into
this category.
3 £501 - £1,000 Your complaint may fall into this category if we consider that
you have experienced a high level of distress or inconvenience
as a result of our actions or inactions. This might typically arise
from a series of relatively significant failures in our processes,
or an unreasonable and prolonged delay on our part, where the
impact on you was of a lengthy duration.
4 £1,001 - £2,500 Your complaint may fall into this category if we consider that you
have experienced a very high level of distress or inconvenience
as a result of our actions or inactions. This might typically
arise from a major failure in our processes or an unreasonable,
prolonged and continuing delay on our part, where the impact
on you was of a very lengthy duration with lasting effects.
5 Over £2,500 Your complaint may fall into this category if there are
exceptional circumstances, such as where our failings or the
consequences for you are unusually severe.
6.18 The descriptions of the categories in the table above are intended as guidance only,
as your circumstances and the circumstances of each complaint will be different. In
deciding which category is appropriate and the actual amount we will offer, we will
consider all the information available to us. This will include any information you have
given us about your individual circumstances and the impact our actions or inactions
may have had on you.
15
Chapter 7
What to do if you are dissatisfied with our
response
Referring your complaint to the Complaints Commissioner
7.1 If you disagree with any decision we make about your complaint, or are dissatisfied
with the progress of our investigation, you can refer your complaint to the Complaints
Commissioner.
7.2 You will need to refer your complaint to the Complaints Commissioner within 3 months
of the date of our decision letter, unless there is good reason for delay.
7.3 In our decision letter to you, we will provide you with the contact details for the
Complaints Commissioner. These can also be found on our websites and the website of
the Complaints Commissioner.
Investigation by the Complaints Commissioner
7.4 The Complaints Commissioner will investigate your complaint independently of us and
may disagree with our decision. The Complaints Commissioner can also recommend
that we take action to address the matter complained of or that we should make a
compensatory payment to you or do both.
7.5 The Complaints Commissioner will provide you, and us, with a preliminary report which
sets out their conclusions. You, and we, will be given the opportunity to respond to the
report. The Complaints Commissioner will take into account any response received
and will produce a final report, which will be provided to you and us. The final report will
conclude the investigation and the complaint will be closed by both the Complaints
Commissioner and us.
7.6 During the period between receiving the preliminary report from the Complaints
Commissioner and their final report, you and we must keep the report and its
conclusions confidential. If this is not adhered to, then the Complaints Commissioner
will decide what action to take.
7.7 The Complaints Commissioner will usually publish their final report. However, you and
we can make representations to the Complaints Commissioner that publication would
not be in the public interest or would be unfairly detrimental to the interests of you or us.
The Complaints Commissioner will consider these representations and decide whether
it would be appropriate to publish the report in full, or in part, in these circumstances. In
any case, the final report will identify the relevant Regulator(s) but will not mention your
name, or the name of any other individual or firm, or contain information which is likely to
identify any other individual or firm unless:
16
a. in the opinion of the Complaints Commissioner the omission of such information
would be likely to impair the effectiveness of the report; and
b. after considering the public interest, as well as your interests and the interests of
other individuals and firms, the Complaints Commissioner considers it necessary
to mention the name of that individual or firm, or to include such information in the
report.
7.8 In all circumstances, the Complaints Commissioner must observe their legal obligations
in respect of disclosing confidential or personal information.
Our response
7.9 When the Complaints Commissioner publishes the final report, we will publish a
response if the Complaints Commissioner asks us to do so. We may also choose to
publish a response ourselves even if the Complaints Commissioner does not ask us to.
7.10 Where the Complaints Commissioner’s final report upholds your complaint or criticises
us, we will tell you and the Complaints Commissioner what we will do in response. In
deciding how to respond to a report from the Complaints Commissioner, we will have
regard to our general approach to outcomes set out in Section 6, as well as take into
account the Complaints Commissioner’s recommendations.
7.11 If we decide not to accept one or more of the Complaints Commissioner’s
recommendations, we will explain why and publish our reasons.
17
7.12 This diagram shows how a typical complaint which is referred to the Complaints
Commissioner is handled if you are dissatisfied with our decision (although you can refer
your complaint to the Complaints Commissioner at any time):
If you are dissatisfied with our decision on your complaint, you may refer your
complaint to the Complaints Commissioner within 3 months of receiving our
decision (or longer if there is good reason for delay).
The Complaints Commissioner decides
whether or not to investigate your complaint.
The Complaints Commissioner will produce a
preliminary report of their conclusions. It will
be sent to you and us.
You, and we, may respond to the preliminary
report.
Your complaint is concluded.
The Complaints Commissioner will send you
and us the final report and publish it in
anonymised form on their website taking into
account your and our responses.
We will consider any
recommendation made by the
Complaints Commissioner and will
tell you and the Complaints
Commissioner what we will do in
response. If we decide not to accept
the Complaints Commissioner’s
recommendation, we will explain why
and publish our reasons.
If the Complaints
Commissioner upholds
your complaint
If the Complaints
Commissioner does not
investigate or does not
uphold your complaint
18
Chapter 8
Will the Complaints Commissioner
investigate a complaint which we have not
investigated?
8.1 If we do not investigate your complaint, we will write to you to let you know and
explain the reasons why. You can request that the Complaints Commissioner reviews
our decision not to investigate. The Complaints Commissioner will decide whether
your complaint falls within the scope of the Scheme and, if so, whether they should
investigate.
8.2 Your request to the Complaints Commissioner should be made within 3 months of the
date of our decision not to investigate all or part of your complaint unless there is good
reason for delay.
8.3 If you refer your complaint to the Complaints Commissioner before we have had the
opportunity to conduct or complete an investigation, the Complaints Commissioner
may delay the start of their investigation until we have completed our investigation.
8.4 The Complaints Commissioner will not investigate any complaint which they decide is
not eligible to be investigated under the Scheme.
19
Annex A
Transitional arrangements for complaints
1. Complaints made before the 1 November 2023 which have not yet been concluded will
be concluded in line with the previous Scheme or the old FSA complaints scheme, as
applicable. This includes deferred complaints that have not been concluded before this
date.
2. Where the Complaints Commissioner provides a report to us about a complaint that
we concluded under the previous Scheme or the old FSA complaints scheme, we will
decide how to respond to the Complaints Commissioner’s report, and any of their
recommendations, in line with Section 7 of the previous Scheme.
20
Annex B
Complaints against the Financial Services
Authority after 31 October 2023
1. Complaints made about the FSA after 31 October 2023 will be investigated by the FCA
in line with the Scheme and this Annex.
2. Where appropriate, the FCA will liaise with the PRA or the Bank during the investigation.
3. You should note that the time limits set out in paragraph 2.4 of the Scheme apply to
complaints about the FSA.
4. In applying the Scheme to complaints made about the FSA, references to the FCA’s
relevant functions should be read as referring to the FSA’s former functions under
FSMA. For example, the FCA will not investigate complaints about the FSA in relation to
the performance of the FSA’s legislative functions under FSMA (including making rules,
issuing codes and general guidance).
5. A complaint against the FSA cannot be made about the Bank’s functions under Part 5
and 5A of the Banking Act 2009 (payment systems and wholesale cash distribution) as
these were never subject to complaints arrangements which were in place for the FSA.
21
Annex C
The previous Scheme
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 1
Complaints against the Regulators:
The Scheme
Updated March 2016
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 2
Contents
1. About the Complaints Scheme ............................................................................... 3
2. Definitions ........................................................................................................ 3
3. Coverage and scope of Scheme ..................................................................... 4
Exclusions to the Scheme.................................................................................................................. 4
Circumstances where the regulators will not investigate .............................................................. 5
Complaints that are more appropriately dealt with in another way ............................................... 5
Investigations that may be deferred ................................................................................................. 5
4. The Complaints Commissioner........................................................................ 6
5. Procedure ........................................................................................................ 7
Telling complainants how the Scheme works ................................................................................. 7
The regulators’ initial analysis of complaints .................................................................................. 7
Asking for information in writing ...................................................................................................... 7
Complaints handled by the area which is the subject of the complaint ....................................... 8
6. Stage 1: Investigation of complaints by the relevant regulator(s) .................... 9
What are the possible outcomes for the complaint? ...................................................................... 9
Time limit for the referral of a matter to the Complaints Commissioner .................................... 10
When will the Complaints Commissioner investigate a complaint which the relevant
regulator(s) have not investigated? ................................................................................................ 10
7. Stage 2: Conduct of investigations by the Complaints Commissioner ........... 12
Responding to the Complaints Commissioner .............................................................................. 15
Confidentiality ................................................................................................................................... 15
Reports ............................................................................................................................................... 16
8. About the transitional complaints scheme ..................................................... 17
9. Coverage and scope of the transitional complaints scheme .......................... 17
10. Exclusions to the transitional complaints scheme .......................................... 18
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 3
1. About the Complaints Scheme
1.1. Part 6 of the Financial Services Act 2012 (the Act) requires the regulators to maintain
a complaints scheme for the investigation of complaints arising in connection with
the exercise of, or failure to exercise, any of their relevant functions.
1.2. The relevant functions of the Financial Conduct Authority (the FCA) and the
Prudential Regulation Authority (the PRA) are their functions other than their
legislative functions. The relevant functions of the Bank of England (the Bank) are its
functions under Part 18 of the Financial Services and Markets Act 2000 (FSMA)
(recognised clearing houses) and under Part 5 of the Banking Act 2009 (inter-bank
payment systems), other than its legislative functions.
1.3. The regulators are also required to appoint an independent person (referred to from
this point as the Complaints Commissioner) to be responsible for the conduct of
investigations in accordance with the complaints scheme (the Scheme).
1.4. The Scheme provides that there may be two distinct stages for each complaint. In the
first stage, the regulators will investigate any complaint that meets the requirements
of the Scheme and take whatever action to resolve the matter they think is
appropriate. In the second stage, the Complaints Commissioner will investigate
complaints that are referred to them following a stage one investigation where the
complainant remains dissatisfied.
1.5. The Scheme has effect from 1 April 2013.
2. Definitions
2.1. In this Scheme:
a) ‘complaint’ means any expression of dissatisfaction about the manner in
which the regulators have carried out, or failed to carry out, their ‘relevant
functions’;
b) ‘firm’ includes any person who is or was a person authorised under FSMA,
Recognised Clearing Houses and payment systems under the Banking
Act 2009;
c) ‘Upper Tribunal’ means the Upper Tribunal (Tax and Chancery Chamber)
established under the Tribunals, Courts and Enforcement Act 2007; and
d) ‘legislative functions’ of the regulators are defined in Clause 85 (4) to (7) of
the Act.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 4
3. Coverage and scope of Scheme
3.1. The Scheme covers complaints about the way in which the regulators have acted or
omitted to act, including complaints alleging:
a) mistakes and lack of care;
b) unreasonable delay;
c) unprofessional behaviour;
d) bias; and
e) lack of integrity.
3.2. Complaints can be made by anyone who is directly affected by the way in which the
regulators have carried out their functions, or anyone acting directly on such a
person’s behalf, provided that the complaint meets the requirements of the Scheme.
To be eligible to make a complaint under the Scheme, a person must be seeking a
remedy (which for this purpose may include an apology) in respect of some
inconvenience, distress or loss which the person has suffered as a result of being
directly affected by the regulators’ actions or inaction.
3.3. Complaints should be made within 12 months of the date on which the complainant
first became aware of the circumstances giving rise to the complaint. Complaints
made later than this will be investigated under the Scheme only if the complainant
can show reasonable grounds for the delay.
Exclusions to the Scheme
3.4. Excluded from the Scheme are complaints:
a) about the regulators’ relationship with their employees;
b) connected with contractual or commercial disputes involving the regulators and
not connected with the exercise of to their relevant functions;
c) in relation to the performance of the regulators’ legislative functions as defined in
the 2012 Act;
d) about the actions, or inactions, of the Bank that do not relate to its functions under
Part 18 of FSMA as amended by the Act (recognised clearing houses) or under Part
5 of the Banking Act 2009 (inter-bank payment systems); and
e) complaints about the actions, or inactions, of the Financial Ombudsman Service,
the Financial Services Compensation Scheme or the Money Advice Service.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 5
Circumstances where the regulators will not investigate
3.5. The regulators will not investigate a complaint under the Scheme which they
reasonably consider amounts to no more than dissatisfaction with the regulators’
general policies or with the exercise of, or failure to exercise, a discretion where no
unreasonable, unprofessional or other misconduct is alleged.
Complaints that are more appropriately dealt with in another way
3.6. The regulators will not investigate a complaint under the Scheme which they
reasonably consider could have been, or would be, more appropriately dealt with in
another way (for example by referring the matter to the Upper Tribunal or by the
institution of other legal proceedings).
Investigations that may be deferred
3.7. A complaint which is connected with, or which arises from, any form of continuing
action by the regulators will not normally be investigated by either the regulators or
the Complaints Commissioner until the complainant has exhausted the procedures
and remedies under FSMA (or under other legislation which provides for access to
the Scheme) which are relevant to that action. The complainant does not have to be
the subject of continuing action by the regulators for this provision to be engaged. An
investigation may start before those procedures are completed if, in the exceptional
circumstances of the case, it would not be reasonable to expect the complainant to
await the conclusion of the regulators’ action and that action would not be
significantly harmed.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 6
4. The Complaints Commissioner
4.1. The regulators must appoint an individual, subject to the approval of HM Treasury, as
Complaints Commissioner to carry out the functions conferred on them by the
Scheme.
4.2. In appointing the Complaints Commissioner, the FCA will be responsible for the
recruitment administration. Following a selection process to be agreed by the three
regulators, the appointment of a suitable person to carry out the role of Complaints
Commissioner will be made by the FCA, the PRA and the Bank.
4.3. The Complaints Commissioner is appointed for a period of three years and may be
dismissed from office only for the reason of becoming:
a) incapacitated by physical or mental illness; or
b) otherwise unfit to discharge the functions of their office;
and subject in either event to the approval of HM Treasury.
4.4. The Complaints Commissioner and their staff must not be employees of the
regulators and are required to act independently of, and without favouring, the
regulators.
4.5. The regulators will provide the Complaints Commissioner with sufficient financial and
other resources to allow them to fulfil their role under the Scheme properly.
4.6. In circumstances where the Complaints Commissioner is unable to investigate a
complaint, the regulators will ask the President of The Law Society to nominate a
solicitor to carry out the functions conferred on the Commissioner by the Scheme.
This appointment is subject to the approval of HM Treasury.
4.7. The Scheme will apply in full to the individual appointed under paragraph 4.6; the
Complaints Commissioner will have no involvement in investigating that complaint.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 7
5. Procedure
Telling complainants how the Scheme works
5.1. In response to each complaint received, the relevant regulator(s) will send the
complainant information, in a durable medium, explaining how the Scheme works.
This will include details of their right to refer the complaint to the Complaints
Commissioner if they are dissatisfied with the way in which the relevant regulator(s)
have dealt with it.
The regulators’ initial analysis of complaints
5.2. On receiving a complaint, the relevant regulator(s) will determine whether it can be
dealt with under the Scheme and whether it can be dealt with by the area that is
subject to the complaint.
5.3. Where the relevant regulator(s) do not investigate a complaint under the Scheme,
the relevant regulator(s) will write to the complainant explaining why this is the case
and informing them of their right to ask the Complaints Commissioner to review the
decision. The relevant regulator(s) will do this within four weeks of receiving the
complaint.
Asking for information in writing
5.4. Firms complaining verbally will be asked to confirm their complaint in a durable
medium.
5.5. A complaint made verbally by a consumer will be investigated by the relevant
regulator(s). However, if the relevant regulator(s) require clarification as to the
nature or scope of the complaint, the remedy sought or any factual information that
supports the complaint, the relevant regulator(s) will invite the complainant to
provide further details in a durable medium.
5.6. The relevant regulator(s) may not be able to progress their investigation of a
complaint until they have received the information described above.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 8
Complaints handled by the area which is the subject of the complaint
5.7. The relevant regulator(s) may ask the area which is the subject of the complaint to
deal with the matter. This may be appropriate in circumstances where a complaint
falls within the scope of the Scheme but is considered to be low impact (for example,
it is about a minor administrative mistake) and can be dealt with easily and quickly.
5.8. For all complaints dealt with in this way, the relevant regulator(s) will advise the
complainant of their right to refer their complaint back to the Scheme if they believe
the complaint has not been resolved or is otherwise dissatisfied with the way it has
been dealt with.
5.9. If the complainant refers their complaint back to the Scheme, the relevant
regulator(s) will acknowledge this complaint within five business days of receiving this
referral.
5.10. The relevant regulator(s) will review the complaint, at this point, to make sure that it
falls within the scope of the Scheme. If the relevant regulator(s) consider that the
complaint is outside the Scheme, they will follow the procedures in paragraph 5.3.
Otherwise, they will handle the complaint in accordance with paragraph 6.2.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 9
6. Stage 1: Investigation of complaints by the relevant
regulator(s)
6.1. Where a complaint is not suitable to be dealt with by the area which is the subject of
the complaint, the relevant regulator(s) will acknowledge it within five business days
of receipt.
6.2. The relevant regulator(s) will conduct an initial investigation into any complaint which
falls within the scope of the Scheme and which does not come within the provisions
of paragraphs 3.4 to 3.7. That investigation will be carried out by a suitably senior
member of staff who has not previously been involved in the matter complained of,
aiming to resolving the matter to the complainant’s satisfaction.
6.3. The investigation of complaints will involve a paper-based review considering any
documents supplied by the complainant, and any relevant documents held by the
relevant regulator(s). The investigation will not involve an interview with the
complainant.
6.4. The relevant regulator(s) will seek to resolve the complaint as quickly as possible. The
relevant regulator(s) will either finish investigating a complaint within four weeks, or
they will write to the complainant within this time setting out a reasonable timescale
within which they plan to deal with the complaint. If the relevant regulator(s) have
not already confirmed whether the complaint will be admitted to the Scheme, the
relevant regulator(s) will include this information in this communication.
6.5. The relevant regulator(s) must take appropriate steps to coordinate with each other
to ensure the efficient and fair investigation of matters raised. Where a complaint
involves the actions or inaction of more than one of the regulators a lead person in
one regulator will be designated to coordinate the response and take responsibility
for communications with the complainant.
What are the possible outcomes for the complaint?
6.6. Where it is concluded that a complaint is well founded, the relevant regulator(s) will
tell the complainant what they propose to do to remedy the matters complained of.
This may include offering the complainant an apology, taking steps to rectify an error
or, if appropriate, the offer of a compensatory payment on an ex gratia basis.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 10
6.7. If the relevant regulator(s) decide not to uphold a complaint, they will give their
reasons to the complainant, and will inform the complainant of their right to ask the
Complaints Commissioner to review the relevant regulator(s)’ decision.
6.8. Complainants who are dissatisfied with the outcome of an investigation, or who are
dissatisfied with the relevant regulator(s)’ progress in investigating a complaint, may
refer the matter to the Complaints Commissioner, who will consider whether to carry
out their own investigation.
Time limit for the referral of a matter to the Complaints Commissioner
6.9. When the relevant regulator(s) write to a complainant with their final report of their
investigation, or explaining that they will not investigate a complaint under the
Scheme, the relevant regulator(s) will inform the complainant that, if they are
dissatisfied, they must refer the relevant regulator(s)’ decision to the Complaints
Commissioner within three months of the date of that letter.
6.10. It will be for the Complaints Commissioner to decide whether there is a good reason
to consider a matter which has been referred to their office outside the three-month
time limit.
When will the Complaints Commissioner investigate a complaint
which the relevant regulator(s) have not investigated?
6.11. When the relevant regulator(s) have told a complainant in writing that they will not
be investigating their complaint, they will also notify the Complaints Commissioner
of this fact. The Complaints Commissioner will not review the relevant regulator(s)’
decision unless the complainant requests this. Where the complainant does request
this, the Complaints Commissioner will decide whether the complaint falls within the
scope of the Scheme and, if so, whether it would be appropriate to conduct an
investigation.
6.12. If a complaint is referred or notified to the Complaints Commissioner before the
relevant regulator(s) have had the opportunity to conduct or complete an
investigation, the Complaints Commissioner will consider whether it would be
desirable to allow the relevant regulator(s) that opportunity before conducting their
own investigation.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 11
6.13. Paragraph 6.12 also applies to a complaint received by the Complaints Commissioner
when they are conducting a Stage 2 investigation into another complaint from the
same complainant.
6.14. The Complaints Commissioner will not investigate any complaint which is outside the
scope of the Scheme, but the final decision on whether a particular case is so excluded
rests with the Complaints Commissioner.
6.15. In the investigation of a complaint by either the relevant regulator(s) or the
Complaints Commissioner, any finding of fact of:
a) a court of competent jurisdiction (whether in the UK or elsewhere);
b) the Upper Tribunal; or
c) any other tribunal established by legislative authority (whether in the United
Kingdom or elsewhere);
d) any independent tribunal charged with responsibility for hearing a final
appeal from the regulatory decisions of the regulators;
which has not been set aside on appeal or otherwise, shall be conclusive evidence of
the facts so found, and any decision of that court or tribunal shall be conclusive.
6.16. Any findings of fact or decisions of courts or tribunals not covered by paragraph 6.15
will carry such weight as the regulators or the Complaints Commissioner considers
appropriate in the circumstances.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 12
7. Stage 2: Conduct of investigations by the
Complaints Commissioner
7.1. The Complaints Commissioner must at all times act independently of the regulators;
they may conduct an investigation in whatever manner they think appropriate
including obtaining, at the regulators’ expense, such external resources as may be
reasonable. In considering what is appropriate, the Complaints Commissioner will
take into account the need to ensure that complaints are dealt with fairly, quickly and
cost effectively.
7.2. The Complaints Commissioner may appoint a person to conduct the whole or any
part of an investigation on their behalf but subject to their direction. That person
must not be an officer or employee of the regulators.
7.3. The regulators will afford the Complaints Commissioner all reasonable cooperation,
including giving access to their staff and information. The regulators may, in affording
the Complaints Commissioner access to information, consider the need to maintain
the confidentiality of certain kinds of information. This would include, for example,
taking appropriate steps to ensure that the identity of an informant is not disclosed,
or maintaining the confidentiality of information given to the relevant regulator(s)
under international arrangements. In any case where the relevant regulator(s) decide
that they should withhold information, they will inform the Complaints Commissioner
of the nature of that information and their reasons for withholding it.
7.4. The regulators are not, because of any investigation being conducted by the
Complaints Commissioner, prevented from continuing to take such action, or such
further action, as they consider appropriate in relation to any matter which is related
to a complaint or a complainant.
7.5. In deciding whether a complaint is well founded and, if so, in deciding what steps they
should recommend the regulators to take, the Complaints Commissioner will have
regard to matters such as the source of the funds to make the payment as well as the
desire for the regulators to be efficient and economic in the use of their resources.
7.6. The Complaints Commissioner may, if appropriate, recommend that the regulators
remedy the matters complained of, as described in paragraph 6.6.
7.7. The Complaints Commissioner will send a preliminary report to the relevant
regulator(s) and the complainant, with a time limit within which they may indicate in
writing any disagreement with or comments on the preliminary report.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 13
7.8. At the end of this time limit, the Complaints Commissioner will produce a final report
after taking into account, at their discretion, any disagreements or comments notified
to them. The final report will conclude the investigation procedure and the complaint
will then be regarded as closed by the Complaints Commissioner and the regulators.
7.9. The Complaints Commissioner’s reports will not, apart from identifying the relevant
regulator(s), mention the name of any other person or contain particulars which are
likely to identify any other person unless:
a) in the opinion of the Complaints Commissioner the omission of such particulars
would be likely to impair the effectiveness of the report; or
b) after taking into account the public interest, as well as the interests of the
complainant and the interests of other persons, the Complaints Commissioner
considers it necessary to mention the name of that person or to include in the
report those particulars.
7.10. The Complaints Commissioner expects their communications with complainants and
the relevant regulator(s) during the course of an investigation to remain strictly
confidential. Where a complainant breaches this requirement the Complaints
Commissioner may, after having considered all the circumstances including any
explanation from the complainant, decide to bring the investigation to an end
without having to report (see paragraph 7.8). Where the relevant regulator(s) breach
this requirement, the Complaints Commissioner will take account of this when
concluding and the breach will be recorded in the Complaints Commissioner’s final
report.
7.11. The Complaints Commissioner may publish their report (or any part of it) if they
consider that the report (or any part of it) ought to be brought to the attention of the
public.
7.12. The relevant regulator(s) must, in any case where the Complaints Commissioner has
reported that a complaint is well founded, or where the Complaints Commissioner
has criticised the relevant regulator(s) in their report, inform the Complaints
Commissioner and the complainant of the steps which they propose to take by way
of response.
7.13. The relevant regulator(s) must, if required by the Complaints Commissioner to do so,
publish the whole or a specified part of their response subject to applicable statutory
restrictions relating to the disclosure of confidential information.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 15
Responding to the Complaints Commissioner
7.14. In deciding how to respond to a report from the Complaints Commissioner, the
relevant regulator(s) will normally take into account:
a) the gravity of the misconduct which the Complaints Commissioner has identified
and its consequences for the complainant;
b) the nature of the relevant regulator(s)’ relationship with the complainant and the
extent to which the complainant has been adversely affected in the course of their
direct dealings with the relevant regulator(s)
c) whether what has gone wrong is at the operational or administrative level;
d) the impact of the cost of compensatory payments on firms, issuers of listed
securities and, indirectly, consumers.
Confidentiality
7.15. The Complaints Commissioner must observe any statutory restrictions applicable to
them relating to the disclosure of confidential information.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 16
Reports
7.16. The Complaints Commissioner will prepare a report on their investigations under the
Scheme concluded during the 12-month period ending 31 March (the annual report),
publish it and send a copy to each regulator and to HM Treasury.
7.17. Each regulator will respond to any recommendations or criticisms relating to it in the
report, publish the response and send a copy of it to the Complaints Commissioner
and HM Treasury.
7.18. HM Treasury will lay the annual report and any response to it before Parliament.
7.19. The annual report must in particular include:
a) information concerning any general trends emerging from the investigations
undertaken during the reporting period;
b) any recommendations which the investigator considers appropriate as to the
steps a regulator should take in response to such trends;
c) a review of the effectiveness during the reporting period of the procedures (both
formal and informal) of each regulator for handling and resolving complaints
which have been investigated by the investigator during the reporting period;
d) an assessment of the extent to which those procedures were accessible and fair,
including where appropriate an assessment for different categories of
complainant; and
e) any recommendations about how those procedures, or the way in which they are
operated, could be improved.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 17
8. About the transitional complaints scheme
8.1. In line with the Act, the regulators have made arrangements for investigating
complaints against their predecessor organisation, the FSA. The arrangements made
by the regulators are the same as the main scheme (outlined above) subject to the
following differences. There is a different scope and coverage for the transitional
complaints scheme which is outlined below and complaints can no longer be dealt
with by the area which is the subject of the complaint.
8.2. Complaints that fall under the transitional complaints scheme will be investigated by
the FCA. Where appropriate, the FCA will liaise with the PRA or the Bank during the
investigation.
8.3. The transitional complaints scheme has effect from 1 April 2013 and is concerned
with complaints against the FSA that are ‘in train’ (i.e. underway) before 1 April 2013,
or are submitted on or after 1 April 2013 and relate to the actions or inaction of the
FSA which occurred before 1 April 2013.
9. Coverage and scope of the transitional complaints
scheme
9.1. The transitional complaints scheme provides a procedure for enquiring into and, if
necessary, addressing allegations of misconduct by the FSA arising from the way in
which it has carried out or failed to carry out its functions under FSMA. The
transitional complaints scheme covers complaints about the way in which the FSA has
acted or omitted to act, including complaints alleging:
a) mistakes and lack of care;
b) unreasonable delay;
c) unprofessional behaviour;
d) bias; and
e) lack of integrity.
9.2. To be eligible to make a complaint under the transitional complaints scheme, a
person must be seeking a remedy (which for this purpose may include an apology) in
respect of some inconvenience, distress or loss which the person has suffered as a
result of being directly affected by the regulators’ actions or inaction.
9.3. The transitional complaints scheme does not apply to the Bank’s functions under Part
5 of the Banking Act 2009 (overseeing inter-bank payment systems) as this was not
previously subject to these complaints arrangements.
Contact for queries: Compl[email protected]
PUBLIC
Complaints Against the Regulators: The Scheme 18
10. Exclusions to the transitional complaints scheme
10.1. Each of the following is excluded from the transitional complaints scheme:
a) complaints about the FSA’s relationship with its employees;
b) complaints connected with contractual or commercial disputes involving the FSA
and not connected to its functions under FSMA;
c) complaints in relation to the performance of the FSA’s legislative functions under
FSMA (including making rules and issuing codes and general guidance); and
d) complaints about the actions, or inactions, of the Financial Ombudsman Service,
the Financial Services Compensation Scheme or the Money Advice Service.
40
Annex D
The Complaints Commissioner
1. The Complaints Commissioner is independent of us, and their staff must not be our
employees and are required to act independently of, and without favouring, us.
2. The Complaints Commissioner will be appointed by the Treasury.
3. In circumstances where the Complaints Commissioner is unable to investigate a
complaint, for example, due to a conflict of interest, the Treasury will appoint an
alternate to carry out the functions conferred on the Complaints Commissioner by the
Scheme.
4. The Scheme will apply in full to the individual appointed under paragraph 3, and the
Complaints Commissioner will not be involved in investigating that complaint. Final
reports will continue to be published on the Complaints Commissioner’s website in line
with paragraph 7.7 of the Scheme.
5. The Complaints Commissioner can investigate in whatever manner they think
appropriate including obtaining, at our expense, external resources which are
reasonable. In considering what is appropriate, the Complaints Commissioner will
consider the need to ensure that complaints are dealt with fairly, quickly and cost
effectively.
6. The Complaints Commissioner may appoint a person to conduct the whole or any part
of an investigation on their behalf, but subject to their direction. That person must not
be an officer or employee of the Regulators.
7. We will afford the Complaints Commissioner all reasonable cooperation including giving
access to our staff, records, and other information as necessary. We may, in giving
the Complaints Commissioner access to information, consider our need to maintain
the confidentiality of certain kinds of information. This would include, for example,
taking appropriate steps to ensure that the identity of an informant is not disclosed, or
maintaining the confidentiality of information given to us. If, exceptionally, we decide
that we need to withhold information, we will inform the Complaints Commissioner of
the nature of that information and our reasons for withholding it.
8. We will provide information to the Complaints Commissioner on the complaints that we
do not investigate.
9. The Complaints Commissioner will prepare an annual report on their investigations
under the Scheme concluded during the 12-month period to 31 March.
10. The annual report will include:
a. information concerning any general trends emerging from the investigations
undertaken during the reporting period;
41
b. any recommendations which the Complaints Commissioner considers appropriate
as to the steps a Regulator should take in response to such trends;
c. a review of the effectiveness during the reporting period of the procedures (both
formal and informal) of each Regulator for handling and resolving complaints which
have been investigated by the Complaints Commissioner during the reporting
period;
d. an assessment of the extent to which those procedures were accessible and fair,
including where appropriate an assessment for different categories of complainant;
e. any recommendations about how those procedures, or the way in which they are
operated, could be improved;
f. such other matters as the Treasury may from time to time direct.
11. The Complaints Commissioner will send a copy of the annual report to each Regulator
and to the Treasury. We will respond to any recommendations or criticisms relating
to us in the annual report, and include a summary of cases in which we did not follow
any recommendations by the Complaints Commissioner or in final reports during
the reporting period, together with a summary of the reasons for not following those
recommendations. We will publish any responses and send a copy of them to the
Complaints Commissioner and the Treasury. The Treasury will lay the annual report and
responses to it before Parliament.
42
Annex E
Glossary
Abbreviation Description
‘the Bank’ The Bank of England.
‘complaint(s)’
Any expression of dissatisfaction about the way one or more of
the Regulators or the FSA has carried out, or failed to carry out, its
relevant functions.
‘Complaints
Commissioner’
The independent person appointed by the Treasury to be responsible
for the conduct of investigations in line with the Scheme.
‘complainant’ The person or firm making the complaint.
‘decision’
The decision reached by a Regulator when assessing one of the
following:
a. whether to investigate your complaint under the
Scheme
b. whether your complaint is upheld following our
investigation into it
c. the appropriate outcome for your complaint
d. whether your complaint is deferred for investigation to a
later date.
‘deferred
complaint’
When the Regulators decide to defer an investigation of a complaint
because of circumstances set out in paragraphs 2.12 to 2.14 of the
Scheme.
‘FCA’ The Financial Conduct Authority.
‘FSA’
The Financial Services Authority which was the predecessor body of
the FCA and the PRA.
‘FSCS’ The Financial Services Compensation Scheme.
‘FSMA’
The Financial Services and Markets Act 2000 as amended by
subsequent legislation.
‘legislative
functions’
The functions of the Regulators, including rule-making and issuing
general guidance, which are set out at Section 85(4) to (7) of the
Financial Services Act 2012 as amended by subsequent legislation.
'old FSA
complaints
scheme’
The arrangements set out in Section 8 of the previous Scheme for
dealing with complaints about the FSA.
43
Abbreviation Description
‘previous Scheme’
The Scheme in force before 1 November 2023 and which is set out in
Annex C.
‘PRA’ The Prudential Regulation Authority.
‘relevant
functions’
The functions of the Regulators which are set out at Section 85(3) of
the Financial Services Act 2012 as amended by subsequent legislation,
which do not include the Regulators’ legislative functions.
For the relevant functions of the FSA, see Annex B.
‘Regulator(s)’
Any of the FCA, the PRA or the Bank, collectively referred to as the
‘Regulators’.
‘Scheme’
This document as maintained by the Regulators to investigate
complaints against them as required under Part 6 of the Financial
Services Act 2012 as amended by subsequent legislation.
‘Upper Tribunal’
The independent tribunal set up under the Tribunals, Courts and
Enforcement Act 2007 for challenges to certain decisions made by
the Regulators.
‘the Treasury’
His Majesty’s Treasury, the government’s economic and finance
ministry.
‘vexatious’
A vexatious complaint is one that is pursued, regardless of its merits,
to harass, annoy or subdue somebody; that is unreasonable, without
foundation, frivolous, repetitive, burdensome, or unwarranted.
‘we’, ‘our’ or ‘us’
The relevant Regulator or the Regulators collectively, but not the
Complaints Commissioner.
‘you’ or ‘your’ The person or firm making a complaint.
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