The PRA and the FCA have recently published a consultation paper on complaints against the Regulators (these being the Bank of England, the FCA and the PRA).

Under section 87 of the Financial Services Act 2012 (FSA 12), the regulators operate a complaints scheme to investigate complaints against them.  Section 20 of the Small Business, Enterprise and Employment Act 2015 inserts new subsections 9A and 9B into section 87 of the FSA 12.  This requires the Complaints Commissioner (an independent person appointed by the regulators) to produce an annual report on the handling of complaints by the regulators. This report will then be sent to each regulator and HM Treasury, any responses to criticisms from the Complaints Commissioner are also to be noted by the HM Treasury and then put before Parliament.

The consultation closes to responses on 9 March 2015. It is envisaged that the PRA and FCA will publish the new legislative requirements as part of the complaints scheme in a Policy Statement in March 2016.