Consultation Paper 12/30 (CP 12/30) has been published this month, outlining proposals for a scheme to deal with complaints against the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England (BoE) under the new regulatory structure. The scheme relates only to those complaints made about the way these new regulators carry out their functions in accordance with the provisions of the Financial Services Bill 2012-13.
The provisions of the Financial Services Bill 2012-13 require the FCA, PRA and BoE to establish how they will investigate any complaints received against them. CP 12/30 sets out proposals for a scheme that appears broadly similar to that used by the FSA. However, additional processes will be put in place to enable the new regulators to adequately investigate any complaints against more than one of them.
Feedback on these proposals must be submitted by 6 February 2013. A Policy Statement is then expected to be published, setting out the final details of the complaints scheme which will be adopted at the point of legal cutover in April 2013.