On 20 July 2020, the PRA and FCA jointly published Consultation Paper FCA CP20/11 PRA – CP8/20 ‘Complaints against the Regulators’ (CP20/11).

In CP20/11 the PRA and FCA are proposing a revised version of the Complaints Scheme (the Scheme) which is more user friendly, using plain language to make it more accessible. The Scheme covers the PRA, FCA and the Bank of England (together the Regulators). The Scheme covers the complaints procedures of the Regulators, and also describes the role of the independent Financial Regulators Complaints Commissioner. The Scheme is used for handling complaints against the Regulators, rather than complaints against the businesses the Regulators’ regulate. The Complaints Commissioner has recommended that the Regulators consult on improvements to the Scheme and, in particular, clarify their approach on compensatory payments.

The deadline for comments on CP20/11 is 14 September 2020.