(1)The Financial Services Act 2012 is amended in accordance with subsections (2) and (3).
(2)In section 84 (arrangements for the investigation of complaints)—
(a)omit the “and” at the end of subsection (1)(a);
(b)omit subsection (1)(b);
(c)after subsection (1) insert—
“(1A)The Treasury must appoint an independent person (“the investigator”) to be responsible for the conduct of investigations in accordance with the complaints scheme.”;
(d)omit subsection (4);
(e)in subsection (5), in the opening words, for “regulators” substitute “Treasury”.
(3)In section 87 (investigation of complaints)—
(a)in subsection (9A), after paragraph (b) insert—
“(ba)for the regulator’s response under paragraph (b) to include a summary of—
(i)the cases in which the regulator decided not to follow any relevant recommendations, and
(ii)the reasons for not following those recommendations;”;
(b)in subsection (9B), after paragraph (e) insert—
“(f)such other matters as the Treasury may from time to time direct.”;
(c)after subsection (9B) insert—
“(9C)In subsection (9A)(ba) the reference to “relevant recommendations”, in relation to the regulator’s response in respect of an annual report, is a reference to—
(a)any recommendations to the regulator contained in that annual report, and
(b)any recommendations to the regulator contained in final reports relating to individual complaints given during the period to which that annual report relates.”
Commencement Information
I1S. 76 not in force at Royal Assent, see s. 86(3)
I2S. 76 in force at 29.8.2023 by S.I. 2023/779, reg. 4(xx)