New Term For UK FSA's Independent Complaints Commissioner

Sir Anthony Holland has been reappointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, beginning on 3 September 2007.

Operating independently, the Complaints Commissioner is responsible for investigating complaints against the FSA, and plays a key role in ensuring the FSA's accountability under the Financial Services and Markets Act.

Sir Anthony is also Chairman of The Standards Board for England and a Member of the Board of the Pension Protection Fund. He is a former President of The Law Society, a former Principal Ombudsman to the Personal Investment Authority, and former Chairman of the Northern Ireland Parades Commission.

FSA Chairman Callum McCarthy said:

“Sir Anthony's experience and ability, both inside and outside the financial sector, along with his legal background means he brings specific expertise to the role of Independent Complaints Commissioner. Sir Anthony has ensured that the role plays a key part in ensuring the FSA’s accountability and that his Office has maintained and will continue to maintain its independence and integrity."

The complaints arrangements deal with complaints made against the FSA by firms, consumers and other stakeholders. 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.

Background

1. The Financial Services and Markets Act requires 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 appointment of the Commissioner is made by the FSA Board and requires Treasury approval.
2. The appointment of an Independent Complaints Commissioner is one of several ways in which the FSA is held accountable. Further details of the FSA's accountability are available on the FSA website.
3. Sir Anthony Holland succeeded Rosemary Radcliffe on 3 September 2004. Rosemary was the first Complaints Commissioner for the FSA since the inception of the Complaints Scheme in September 2001.
4. Sir Anthony Holland, aged 68, was a solicitor by profession. He is also Chairman of The Standards Board for England and a Member of the Board of the Pension Protection Fund. He is a former President of The Law Society, a former Principal Ombudsman to the Personal Investment Authority, and former Chairman of the Northern Ireland Parades Commission.
5. 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 for consumers; and fighting financial crime.
6. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.