Complaints about financial regulators

In a breathtakingly refreshing news - the FSA (UK's financial regulator) has come out with a "Consultative Paper on Complaints against the regulators". Yes, you read that right. This is what it will do:

The Financial Services Authority (FSA) and the Bank of England have published a consultation paper (CP12/30) on the proposed scheme that the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Bank of England will follow when investigating complaints made against them.

The proposed scheme covers complaints about the way in which the regulators have acted or omitted to act, including complaints alleging mistakes and lack of care, unreasonable delay, unprofessional behaviour, bias, and lack of integrity.

The scheme provides that there may be two distinct stages for each complaint. In the first stage, the regulators will investigate any complaint that meets the requirements of the scheme and take whatever action to resolve the matter they think is appropriate. In the second stage, an independent Complaints Commissioner will investigate complaints that are referred to him following a stage one investigation where the complainant remains dissatisfied.


"Coverage and scope of Scheme
3.1 The Scheme covers complaints about the way in which the regulators have acted or
omitted to act, including complaints alleging:
a) mistakes and lack of care;
b) unreasonable delay;
c) unprofessional behaviour;
d) bias; and
e) lack of integrity.

3.2 Complaints can be made by anyone who is directly affected by the way in which the
regulators have carried out their relevant functions, or anyone acting directly on such a
person’s behalf, provided that the complaint meets the requirements of the Scheme. To be
eligible to make a complaint under the Scheme, a person must be seeking a remedy (which for
this purpose may include an apology) in respect of some inconvenience, distress or loss which
the person has suffered as a result of being directly affected by the regulators’ actions or
inaction.

Hat tip: Thanks to AB for alerting me about this.