The FSA is appointing Rosemary Radcliffe as independent complaints commissioner res-ponsible for examining cases made against the regulator.
Radcliffe, a former Pricewaterhousecoopers chief economist, will operate independently of the FSA and will investigate complaints by, among others, authorised firms and consumers. Her remit, which comes into effect this week, includes the power to investigate allegations of mistakes and lack of care, unreasonable delay, unprofessional behaviour, bias and lack of integrity made against the FSA.
But the industry has raised concerns over the app-ointment, saying the FSA is not bound by any findings that the commissioner reaches. However, an FSA spokes-man says the regulator is likely to abide by any decisions.
Radcliffe, 56, was a partner at PWC from 1982 to July 2001 and had a background in dispute resolution with the firm. She has also served on a number of Government advisory and review bodies.
Treasury economic secretary Ruth Kelly says: “Rosemary's distinguished career spans more than 30 years in both the private and public sector. Her breadth of expertise and judgement will be invaluable in making the FSA answerable to all its stakeholders.”
Radcliffe says: “I see my role as crucial in underwriting the FSA's accountability as regulator to the financial services industry and to the wider public. It is vital for regulators to know that their actions may be exposed to independent scrutiny.”