On 30 July 2024, the Complaints Commissioner, Rachel Kent, published her Annual Report for 2023/24: Reviewing how the financial services regulators consider complaints.

In her first report since taking over the role, the Commissioner notes that she will be pursuing a focussed operations plan and strategy over the coming year, with the aim of ensuring consumers and businesses are fully able to benefit from the Complaints Scheme. The Commissioner flags the need to raise awareness of the Scheme among both industry and consumers, which she plans to address through an ‘outreach programme’.

The report also includes information on the overall Complaints Scheme statistics for the year, Bank of England (BoE) / Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) specific statistics, policy considerations, and resources and performance.

In its response, the FCA welcomes the report and responds to points raised by the Commissioner, as well as providing an update on its own key performance measures.

The BoE and PRA have also issued a response welcoming the report and responding to certain points raised in it.