Revised U.K. Financial Regulators' Complaints Scheme: Key Changes and Implications

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Overview of the Revised U.K. Financial
Regulators' Complaints Scheme
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Introduction to the Revised Complaints Scheme

• Collaboration between FCA, PRA, and Bank of
  England on the revised Complaints Scheme.
• The framework aims to improve the protocol for
  handling grievances against U.K. regulatory
  bodies.
• Significant changes introduced to enhance
  transparency and fairness.

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Discretionary Compensation for Non-Financial Loss

• Introduction of discretionary compensation bands
  for non-financial loss.
• Compensation ranges from 100 for minor issues to
  over 2,500 for severe cases.
• Focus on addressing stress, inconvenience, and
  other non-financial impacts of regulatory
  failings.

4
"Sole or Primary Cause" Test for Financial Loss

• New criterion for compensation the "sole or
  primary cause" test.
• Regulators must be significantly at fault to
  trigger financial loss compensation.
• Removal of the proposed 10,000 cap on
  compensation for financial loss.
• This test has sparked debate due to its
  restrictive nature.

5
Simplification and HM Treasury's Role

• Simplified language and visual aids introduced
  for easier understanding of the Scheme.
• HM Treasurys role in appointing the Complaints
  Commissioner aligned with the Financial Services
  and Markets Act 2023.
• These changes aim to create a more accessible and
  transparent complaints process.

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