On 3 July 2026, there was published The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) (Amendment) Order 2026.

Background

This Statutory Instrument (SI) widens the remit of the Financial Regulators Complaints Commissioner (FRCC), as set out in the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 (2014 Order), to include complaints about the exercise by the Financial Conduct Authority (FCA) of its supervisory functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).

Summary

This SI makes the following key changes to the law, including:

  • To amend the 2014 Order by inserting in article 2 the FCA’s functions under the MLRs. This means that such functions are specified for the purpose of section 85(2)(b) of the Financial Services Act 2012 (2012 Act) and are therefore relevant in relation to the complaints scheme.
  • The FCA will be required, as a result of section 84(1) of the 2012 Act, to make arrangements for the investigation of complaints arising from the exercise, or failure to exercise, of any of its functions under the MLRs.

Next steps

This SI comes into force on 23 July 2026.