The Office of the Complaints Commissioner (the Commissioner) has published its annual report for 2014/15. The Commissioner considers complaints in relation to the UK financial services regulators – the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England.
The report shows that over the 12 month period 116 new complaints were received and 51 re-opened – an increase of 16% on the prior year. Of these, over 50% of the complaints were made about the FCA.
The Commissioner gave formal decisions in relation to 38 complaints and conducted a formal investigation (Stage 2 investigation) in 8 of them before reaching a decision.
The Commissioner reported that the vast majority of complaints against the regulators are handled well and fairly by the regulators themselves and there are no signs of significant failings in the majority of those cases referred to the Commissioner.