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
20/07/2020
Consultation closes
14/09/2020

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)

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.

Respond to this consultation

Online response form

Please respond to this consultation by Monday 14 September 2020.

Next steps

We will take your comments into account as we finalise the revised version of the Scheme. Our proposals are intended to improve the Scheme and we believe that the outcomes for most complainants would be broadly consistent with our current practice. We aim to bring the revised Scheme into force as soon as reasonable practicable. We propose that all complaints received after the revised Scheme comes into force will be handled by us under the revised Scheme.