Treasury Committee urges FCA to extend complaints scheme consultation

The financial regulators launched a joint consultation on 20th July on a proposal to revise the Complaints Scheme, which handles complaints against all three regulators. The consultation is due to end on 14th September.

The consultation states that “We regard an 8-week consultation period as appropriate since we believe these revisions improve the Scheme, and that the outcomes for most complainants would be broadly consistent with our current practice”.

However, the Treasury Committee says it has received "representations expressing concern that the eight-week consultation period is not sufficient".

Mel Stride MP, chair of the Treasury Committee, has written to the FCA and Bank of England, urging them to consider extending the consultation period.

In letters to Chris Woolard, interim chief executive of the FCA, and Andrew Bailey, governor of the Bank of England, Stride said: "Given the interest in the consultation expressed to the Committee, and elsewhere, I ask that serious and urgent consideration be given to extending the consultation period, as an 8-week period may no longer be sufficient."

Commenting on the correspondence, Mel Stride said: “The regulators are rightly looking to improve the scheme through which people can complain against them. But to rush it through in eight weeks, over the summer, and during a global pandemic appears ill-advised.

“The Committee will no doubt take a great interest in the findings of the consultation. To ensure it is as thorough as possible, the regulators should give serious and urgent consideration to extending the consultation period.”