Complaints about the Financial Services Authority will be dealt with by a commissioner and specially...
Complaints about the Financial Services Authority will be dealt with by a commissioner and specially designed complaints scheme from September.
The FSA has announced that the complaints scheme and commissioner will be an integral part of the organisation's accountability framework and will apply to complaints about the FSA's exercise of powers under the Financial Services and Markets Act. The scheme will operate from September 1.
There will be two stages for handling each complaint. In the first stage, the FSA will carry out an initial investigation. If the complainant is dissatisfied with the outcome of the FSA's investigation, he can require the FSA to refer the complaint to the commissioner.
The commissioner will have the resources to conduct full investigations and he can recommend that the FSA make a compensatory payment if he upholds a complaint.
An annual report will be published on investigations concluded throughout the year. The commissioner may also publish individual reports if he considers there are matters which should be brought to the public's attention.
In a move designed to enhance the independence of the role, treasury approval is required for the appointment of the commissioner.
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