'Sub-Standard, Understaffed, Inadequate': Watchdog Blasts FCA Complaints Process

The independent complaints commissioner for the UK’s financial regulators has excoriated the Financial Conduct Authority (FCA) for myriad failings in handling complaints from regulated businesses and consumers.

The Office of the Complaints Commissioner, which is headed by commissioner Antony Townsend, is resourced by regulatory bodies but independently assesses the cases where individuals or businesses believe that complaints were mishandled.

Although the commissioner deals with four regulators, almost all complaints it received related to the Financial Conduct Authority (FCA), according to the commissioner’s annual report, which was published on Thursday. The FCA received 1,075 complaints in 2018/19, almost double that of the previous period.

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