The FCA, PRA and the Bank of England launch consultation into proposed revision of their complaints scheme

From: RegTech Analyst

Three of the top UK financial industry regulators want to make it easier for businesses to raise their concerns.

Eight years ago, the Financial Services Act 2012 was put in place. It stipulated that the Financial Conduct Authority (FCA), the Bank of England and the Prudential Regulation Authority should have arrangements in place to investigate complaints against them, as opposed to complaints against the businesses they regulate.

Now, the three regulators want to change how the scheme looks like.

“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,” said the FCA in a statement. “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.”

The consultation is open for responses until Monday September 14, 2020.

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