PART 6Miscellaneous
Other miscellaneous provisions
I1I276Arrangements for the investigation of complaints
1
The Financial Services Act 2012 is amended in accordance with subsections (2) and (3).
2
In section 84 (arrangements for the investigation of complaints)—
a
omit the “and” at the end of subsection (1)(a);
b
omit subsection (1)(b);
c
after subsection (1) insert—
1A
The Treasury must appoint an independent person (“the investigator”) to be responsible for the conduct of investigations in accordance with the complaints scheme.
d
omit subsection (4);
e
in subsection (5), in the opening words, for “regulators” substitute “Treasury”
.
3
In section 87 (investigation of complaints)—
a
in subsection (9A), after paragraph (b) insert—
ba
for the regulator’s response under paragraph (b) to include a summary of—
i
the cases in which the regulator decided not to follow any relevant recommendations, and
ii
the reasons for not following those recommendations;
b
in subsection (9B), after paragraph (e) insert—
f
such other matters as the Treasury may from time to time direct.
c
after subsection (9B) insert—
9C
In subsection (9A)(ba) the reference to “relevant recommendations”, in relation to the regulator’s response in respect of an annual report, is a reference to—
a
any recommendations to the regulator contained in that annual report, and
b
any recommendations to the regulator contained in final reports relating to individual complaints given during the period to which that annual report relates.