Regulatory Alerts2020-07-20
Added · Updated
PS23/12: Complaints against the Regulators
The Financial Conduct Authority, the Prudential Regulation Authority, and the Bank of England revise their joint Complaints Scheme to improve accessibility and clarify procedures for handling complaints against the Regulators. The revised Scheme removes the proposed £10,000 cap on compensatory payments for financial loss while maintaining conditions that the Regulator be the sole or primary cause of loss and that a clear and significant failure occurred. It introduces updated payment levels for non-financial loss, mandates a biennial review of these levels, and aligns the appointment and reporting requirements of the Complaints Commissioner with the Financial Services and Markets Act 2023. These changes take effect on 1 November 2023 for complaints made on or after that date.
More like this from FCA
FCA published 5 documents in the last 30 days. We email you each new one the day it's published.