Financial Conduct Authority  

FCA to shake up complaints process amid backlash

The consultation closes on September 14, 2020.

Last week, the Complaints Commissioner warned in its annual report that delays and quality problems at the FCA had deteriorated further.

Commissioner Antony Townsend said despite "repeated warnings" to the regulator, complainants were still "at their wits’ end" because cases had been delayed, deadlines missed, the FCA had failed to send "promised updates" and investigators had left the regulator part-way through investigations. 

However, he pointed out that the FCA had put in place steps to address some issues.

The commissioner received 205 complaints against the FCA in the year 2019/20, 29 of which alleged it had failed to regulate the financial services industry properly.

The total number of complaints against the FCA had risen from 169 last year, an increase of 21 per cent and a rise partly attributed to a spike in complaints relating to the London Capital and Finance scandal. 

amy.austin@ft.com

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