View more on these topics

Holland wants single complaint system

The draft Financial Services Bill needs changes due to the Prudential Regulation Authority being subject to a less transparent and less independent complaint process than the present system, says Complaints Commissioner Sir Anthony Holland.

Currently, the commissioner investigates complaints against the FSA where the regulator has rejected a complaint about its actions but where the complainant remains unsatisfied.

Under the new regulatory structure, it is proposed that complaints against the Financial Conduct Authority will be referred to an independent investigator, like the current Complaints Commissioner. However complaints against the PRA will be investigated by someone appointed by the Bank of England.

Speaking at a joint committee hearing on the draft bill last week, Complaints Commissioner Sir Anthony Holland said he was not being critical of the new arrangements just to preserve his job, as his term as commissioner expires in 2013.

He said: “The separation of the complaint system between the PRA and the FCA will lead to less transparency, it will create more problems for the FCA and it will also mean you cannot truly say the system is a stand-alone independent one, which you can now.”

Holland also argued the PRA may refuse to disclose information to the FCA on the grounds of confidentiality which would in turn prevent the FCA from investigating complaints properly.

He called for a single independent complaint system across the two bodies. When asked whether the joint committee should push for the Financial Services Bill to be amended, Holland replied: “In a word, yes.” The Financial Services Practitioner Panel said it would support a single complaint system across the PRA and the FCA.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com