The PRA, the Bank of England (BoE) and the FCA have published a joint consultation paper (FCA CP16/6 / PRA CP5/16) entitled “Complaints against the Regulators”.
The consultation paper sets out changes to the complaints scheme to implement new legislative provisions requiring the Complaints Commissioner (CC) to produce an annual report on their investigations and to send a copy to each of the regulators and HM Treasury (HMT).
If the report makes recommendations or criticisms about the regulators’ handling of complaints, each regulator must respond, publish the response and send a copy of its response to both the CC and HMT.
HMT must lay the annual report and any responses before Parliament. Responses to the consultation are requested by 8 March 2016.
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