Regulator sets out FCA and PRA complaints regime

The Financial Services Authority (FSA) has outlined the complaints regime for incoming regulators the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The current regulator said the FCA, PRA and the Bank of England would work on a complaints scheme adapted from the one it uses as laid out in the Financial Services and Markets Act 2000 (FSMA).

The FSA said the new complaints regime will not vary significantly from the one in use today.

‘In operation for over a decade, the FSA complaints scheme has been an effective and efficient way of dealing with complaints. Recognising how closely the requirements set out….mirror those in FSMA, we propose adopting a very similar approach.’

Additional processes will also enable the regulators to investigate complaints where allegations have been made against more than one of them.

In line with current procedure, the regulators will deal with complaint within four weeks and where that is not possible, will arrange a time table with the complainant.

For a ‘unified’ process, the FSA has proposed that the FCA should process complaints submitted centrally through the published complaints helpline number or email address even if the complaints are about one of the other bodies.

The FCA will also be responsible for recruitment of a new Complaints Commissioner, who would come in around April 2014, which would then be agreed to by the three bodies.