CP20/11: Complaints against the Regulators (The Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England)

Open consultation: CP20/11
20/07/2020
Consultation closed
12/10/2020
12/10/2020

We are proposing a revised version of our Complaints Scheme which is more user friendly, using plain language to make it more accessible. This is a joint consultation with the Bank of England (the Bank) and the Prudential Regulation Authority (PRA), as the Scheme covers all three regulators.

Read CP20/11 (PDF)

Following correspondence with the Treasury Select Committee we extended the period for responses. The consultation closed on 12 October 2020.

Why we are consulting

We want to simplify the wording of the Scheme and make it more accessible to its main users – consumers and small businesses – as well as others.

At the same time, we are proposing a more detailed description of our approach to ex-gratia compensatory payments (i.e. goodwill payments). We think this more detailed description will help complainants understand what they can and cannot expect from the Scheme.

Who this applies to

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 interest consumer advocates and action groups, trade associations, and politicians, among others.

Background to the Complaints Scheme

The Financial Services Act 2012 requires the Regulators to have in place arrangements to investigate complaints against them, as opposed to complaints against the businesses they regulate.

The Scheme also describes the role of the independent Complaints Commissioner. The current version of the Scheme dates in substance from 2013.

Next steps

Following closure of the consultation on proposals to amend the Complaints Scheme, the Regulators are currently analysing the responses received so that they can take further decisions about the proposals. 

In the meantime, the Regulators are conscious of the concerns raised by some respondents regarding the timing of the amendments to the Scheme. In light of this, the Regulators’ policy statement on the consultation will not be published until towards the end of Q2 2021.

Page updates

08/12/2020: Information added Next steps added
13/10/2020: Information added consultation closed
14/09/2020: Publication added CP20/11 document updated with 12 October 2020 consultation closing date
11/09/2020: Information added consultation closing date now 12 October 2020