PS23/12: Complaints against the Regulators

Open consultation: CP20/11
Consultation closed
Policy Statement

Alongside the PRA and the Bank, we set out the final changes to the Complaints Scheme. We also set out our response to feedback we received to CP20/11.

Read PS23/12 (PDF)

Why we are changing

We want complainants to more easily understand how the Scheme works and what to expect from it. We expect the revised Scheme document will give a clear understanding of: 

  • when a complaint can be made 
  • when we will investigate a complaint 
  • what may follow in terms of outcomes, including compensatory payments and the appeals process to the Complaints Commissioner

Who this is for

  • Anyone who makes a complaint on or after 1 November 2023. This includes regulated businesses and consumers of financial services.
  • It may also interest consumer advocates and action groups, trade associations, and politicians.  

Next steps

This revised Scheme will come into force on 1 November 2023. New complaints made from this date will be considered under the revised Scheme.

Complaints made before this date will be considered under the current 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 covers the complaints procedures of the Regulators, and also describes the role of the independent Financial Regulators Complaints Commissioner. The current version of the Scheme dates in substance from 2013.

We consulted (CP20/11) on a revised Scheme document that was more user-friendly, using plain language to make it more understandable. We looked to improve the transparency of the Regulators’ approach to what we described as ‘ex-gratia’ compensatory payments. We aimed to help complainants understand what they can and cannot expect from the Scheme.

During the consultation period, some respondents were concerned about the timings of the amendments to the Scheme. So we delayed our Policy Statement and revised Scheme to allow 3 Independent Reviews to be published and for any associated complaints to be made under the current Scheme.

We also waited for the Complaints Commissioner’s Final Report on the FCA’s Regulation of London Capital & Finance, and the passing of the Financial Services and Markets Act 2023. 

Page updates

: Information added February 2023 update
: Information added April 2022 update
: Information added June 2021 update
: Information added Next steps added
: Information added consultation closed
: Publication added CP20/11 document updated with 12 October 2020 consultation closing date
: Information added consultation closing date now 12 October 2020