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.
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.
This consultation has now closed. We will publish feedback on responses and issue a Policy Statement once we have reviewed your comments.
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.