Complaints Commissioner criticises FCA 'defensiveness'

Regulator reluctant to admit ‘shortcomings'

Jenna Towler
clock • 2 min read

The Financial Conduct Authority (FCA) has been criticised for taking an unnecessarily defensive attitude in its dealings with the Complaints Commissioner.

Complaints Commissioner Antony Townsend said while the watchdog dealt with the majority of complaints competently he had witnessed examples of an "unwillingness to face up to and admit shortcomings". The Complaints Commissioner reviews complaints about financial services regulators in the UK, including the FCA and Prudential Regulation Authority. Its annual report, which highlighted continued "defensiveness" among FCA staff, was released yesterday. The report said: "While the FCA continues to deal with the majority of complaints competently and fairly, I have seen examples of an unwil...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FSCS declares three financial advisory firms in default

FSCS declares three financial advisory firms in default

Latest batch of failed firms revealed by lifeboat fund

Jenna Brown
clock 25 March 2024 • 1 min read
FCA commits to fast authorisations to boost finance sector

FCA commits to fast authorisations to boost finance sector

The regulator’s latest business plan highlights this focus

Sahar Nazir
clock 19 March 2024 • 1 min read
FCA to invest £1.9m in supporting clients with investment decisions

FCA to invest £1.9m in supporting clients with investment decisions

The regulator’s 2024/25 business plan outlines new initiative for investment

Sahar Nazir
clock 19 March 2024 • 1 min read