Complaints – British Insurance Brokers' Association https://www.biba.org.uk The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation Fri, 20 Apr 2018 08:07:06 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.2 Financial regulators consult on changes to how complaints against them are handled https://www.biba.org.uk/regulation-updates/financial-regulators-consult-on-changes-to-how-complaints-against-them-are-handled/ https://www.biba.org.uk/regulation-updates/financial-regulators-consult-on-changes-to-how-complaints-against-them-are-handled/#respond Fri, 12 Feb 2016 13:37:30 +0000 https://www.biba.org.uk/?p=23815 The Financial Conduct Authority (FCA), the Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting on changes to how complaints about the

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The Financial Conduct Authority (FCA), the Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting on changes to how complaints about the three regulators are reported and responded to.

Consultation paper 16/06, entitled Complaints against the Regulators’, looks at the workings of the complaints scheme set up under the Financial Services Act 2012 to investigate complaints against the FCA, the BoE and the PRA.  The Complaints Commissioner is responsible for independently reviewing complaints against the regulators in accordance with this scheme.  Members may access the paper by clicking here.

Section 20 of the Small Business, Enterprise and Employment Act 2015 inserts new subsections into the 2012 Act.  These require the Complaints Commissioner to produce an annual report about their investigations and to send a copy to each of the regulators and HM Treasury.

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 Complaints Commissioner and the Treasury.  The Treasury must lay the annual report and any responses before Parliament.

Members wishing to respond to the consultation paper should send their comments to the FCA by email to cp16-06@fca.org.uk no later than 8th March 2016.

If members wish to feed into the BIBA response instead, please email your comments to David Sparkes at sparkesd@biba.org.uk by 1st March 2016.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk

 

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