Financial Services Act 2012

84 Arrangements for the investigation of complaints

(1) The regulators must—

(a) make arrangements (“the complaints scheme”) for the investigation of complaints arising in connection with the exercise of, or failure to exercise, any of their relevant functions (see section 85), and

(b) appoint an independent person (“the investigator”) to be responsible for the conduct of investigations in accordance with the complaints scheme.

(2) For the purposes of this Part “the regulators” are the FCA, the PRA and the Bank of England, and references to a regulator are to be read accordingly.

(3) The complaints scheme must be designed so that, as far as reasonably practicable, complaints are investigated quickly.

(4) The Treasury's approval is required for the appointment or dismissal of the investigator.

(5) The terms and conditions on which the investigator is appointed must be such as, in the opinion of the regulators, are reasonably designed to secure—

(a) that the investigator will be free at all times to act independently of the regulators, and

(b) that complaints will be investigated under the complaints scheme without favouring the regulators.