Regulators Detail Improved Complaints, Compensation Plan

Law360, London (July 21, 2020, 5:25 PM BST) -- Britain's financial watchdogs published plans on Tuesday to make it simpler for finance firms to lodge complaints against them, including setting out how much money they can expect in compensation if they experienced "stress or inconvenience."

The Financial Conduct Authority, Prudential Regulation Authority and Bank of England are inviting comments on their joint proposal to revise the existing method for dealing with complaints against watchdogs, which was set up under the Financial Services Act 2012.

The three agencies said in a joint statement that they are obliged to have procedures for investigating complaints against them, "as opposed to complaints against the businesses...

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