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.