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This will be of interest to all firms and individuals that will come under the new UK regulators as regulated, registered or authorised.
The FSA are currently required to make arrangements for the “investigation of complaints arising in connection with the exercise of, or failure to exercise, any of its functions (other than its legislative functions)” under the Financial Services and Markets Act 2000 (FSMA).
The latest version of the Financial Services Bill requires the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA), and the Bank of England to establish how they will investigate complaints against themselves.
The Bank of England and the Financial Services Authority (FSA) jointly published a 34-page Consultation Paper (CP) 12/30 entitled ‘Complaints against the regulators – (The Bank of England, Financial Conduct Authority and Prudential Regulation Authority)’, on 6 November 2012.