Financial regulators should urgently consider extending complaints scheme consultation
11 September 2020
The Financial Conduct Authority (FCA), Bank of England, and Prudential Regulation Authority (PRA) launched a joint consultation on 20 July on a proposal to revise the Complaints Scheme, which handles complaints against all three regulators. The consultation is due to end on 14 September.
The Committee has received representations expressing concern that the eight-week consultation period is not sufficient.
Rt Hon. Mel Stride MP, Chair of the Treasury Committee, has written to the FCA and Bank of England, urging them to consider extending the consultation period.
Commenting on the correspondence, Mr Stride said:
“The regulators are rightly looking to improve the scheme through which people can complain against them. But to rush it through in eight weeks, over the summer, and during a global pandemic appears ill-advised.
“The Committee will no doubt take a great interest in the findings of the consultation. To ensure it is as thorough as possible, the regulators should give serious and urgent consideration to extending the consultation period.”