FSA sets out process for complaints about new regulators

The FSA and the Bank of England have set out how complaints will be dealt with under the new regulatory structure.

The Government announced in January that a single complaints commissioner will assess complaints across both the Financial Conduct Authority and the Prudential Regulation Authority....

Complaints will first be investigated by the regulators themselves, and if the complainant remains unsatisfied they can refer their complaint to an independent person, or complaints commissioner.

The consultation says the complaints commissioner and his staff must not be employees of the regulators and are required to “act independently of, and without favouring, the regulators”.

The FCA will be responsible for recording details of the complaint and allocating it to the relevant regulator to investigate.

Complaints that will be considered under the new framework include complaints against the regulators alleging mistakes and lack of care, unreasonable delay, unprofessional behaviour, bias and lack of integrity......'

Source: http://investorseu.com/U6GprC