Under the Financial Services and Markets Act 2000, all recognised investment exchanges are required to appoint a Complaints Commissioner to provide a fair and independent process for handling complaints against the recognised body itself. Complaints against the IPE will continue to be handled initially by the IPE but if complainants are dissatisfied with the response, then they will have the option to raise the matter direct with Dr McDonald. The Complaints Commissioner will have the power to investigate the matter as fully as she considers, including requiring evidence from either party, and to publicise reports of such investigations, if she deems this appropriate. She can also recommend that the Exchange should compensate the complainant for any losses caused.
Dr McDonald has had a long and distinguished career in politics and was a Member of Parliament between 1976 and 1987. She was a Board Director of the Financial Services Authority (and previously the Securities and Investment Board) from 1993 to 1998. She was a director of the Investors' Compensation Scheme from 1992-2001 and is currently a director of the Financial Ombudsman Service and a director of Skandia.
Dr Richard Ward, chief executive, said, "I am delighted that Oonagh, who has such a wealth of experience in financial regulation, has agreed to act as the IPE's Complaints Commissioner. Her appointment further enhances the transparency and integrity of the IPE's regulatory function".
