The Complaints Commissioner is responsible for investigating complaints against the FSA operating independently of the FSA and fulfils an important role within its accountability arrangements under the Financial Services and Markets Act 2000.
The complaints arrangements deal with complaints made against the FSA by firms, consumers and others who come into direct contact with the FSA. The Commissioner’s remit includes the power to investigate allegations of mistakes and lack of care, unreasonable delay, unprofessional behaviour, bias and lack of integrity. Complaints relating to the FSA's general policies or exercise of our discretion where no misconduct is alleged and those relating to our rule making powers are dealt with through other channels.
FSA Chairman Callum McCarthy said:
“The independent Complaints Commissioner plays a key part in ensuring the FSA’s accountability. Sir Anthony’s distinguished career spans 40 years of service in both the legal profession and public service. His breadth of expertise and judgement will be invaluable in ensuring the FSA remains accountable to all those affected by its decisions."I would like to express the thanks and appreciation of the FSA Board to Rosemary Radcliffe for her work to establish the Complaints Commissioner position as one of undoubted independence and integrity.”
Sir Anthony said:
“The Complaints Commissioner role is very important to underwriting the FSA's accountability as regulator to the financial services industry and the wider public. It is vital that the regulators are aware that their actions may become exposed to independent scrutiny and I look forward to helping the FSA in its stated aim to make the organisation easier to do business with."
Background
- The appointment of an independent Complaints Commissioner is one of several ways in which the FSA is held accountable. The others include:
- Statutory objectives in the Financial Services and Markets Act which provide both political accountability and legal accountability through judicial review.
- Clear governance structures with the Board having a clear majority of non-executive directors.
- An Annual Report which goes to the Treasury is laid before Parliament and discussed at the FSA’s Annual Open meeting.
- Direct input from the industry via the Practitioner and Consumer Panels.
- Independent review of the FSA’s rules by the competition authorities.
- Where agreement cannot be reached, independent review of enforcement and authorisation decisions by the Financial Services and Markets Tribunal run by the Department of Constitutional affairs.
- Regular appearances before the Treasury Select Committee.
- The appointment of the Commissioner is made by the FSA Board and requires Treasury approval. To enhance and emphasise the independence of the appointment process, a panel consisting of the non-executive Deputy Chairman of the FSA, the Chairman of the Practitioner Panel, the Chairman of the Consumer Panel and a former CEO of the Competition Commission acting in a personal capacity advised the FSA on the selection and appointment of Sir Anthony.
- Sir Anthony Holland, aged 65 is a solicitor by profession. He is Chairman of the Standards Board for England, the Joint Insolvency Monitoring Unit Board and the Northern Ireland Parades Commission. A past President of the Law Society of England & Wales, he was from 1997 to 2000 a Principal Ombudsman with the Personal Investment Authority Ombudsman Bureau and from 1993 to 2001 a Tribunal Chairman for SFA. He is also a member of the University of Nottingham Vice Chancellor's Advisory Board, the Council of JUSTICE (the British section of the International Commission of Jurists) and the Council of The Howard League for Penal Reform.
- The Financial Services and Markets Act (Schedule 1 - paragraphs 7 and 8) require the FSA to set up a Complaints Scheme for investigation of complaints against the FSA and to appoint an independent person (the Complaints Commissioner) to be responsible for the conduct of investigations in accordance with the Complaints Scheme.
- The FSA's Complaints against the FSA sourcebook (COAF), which sets out our current processes for handling complaints, is available here. Today, the FSA also publishes Policy Statement 04/18: Changes to the FSA's complaints scheme, summarising the feedback we received to Consultation Paper 04/6 and setting out amendments to COAF which will come into force on 1 October 2004.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection of consumers; and fighting financial crime.
- The FSA aims to maintain efficient, orderly and clean financial markets and help retail consumers achieve a fair deal.
