Legislation – Financial Services and Markets Act 2023
Changes to legislation:
There are currently no known outstanding effects for the Financial Services and Markets Act 2023, Section 76.
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PART 6Miscellaneous
Other miscellaneous provisions
76Arrangements for the investigation of complaints
(1)
The Financial Services Act 2012 is amended in accordance with subsections (2) and (3).
(2)
In section 84 (arrangements for the investigation of complaints)—
(a)
omit the “and” at the end of subsection (1)(a);
(b)
omit subsection (1)(b);
(c)
“(1A)
The Treasury must appoint an independent person (“the investigator”) to be responsible for the conduct of investigations in accordance with the complaints scheme.”;
(d)
omit subsection (4);
(e)
in subsection (5), in the opening words, for “regulators” substitute “Treasury”
.
(3)
In section 87 (investigation of complaints)—
(a)
“(ba)
for the regulator’s response under paragraph (b) to include a summary of—
(i)
the cases in which the regulator decided not to follow any relevant recommendations, and
(ii)
the reasons for not following those recommendations;”;
(b)
“(f)
such other matters as the Treasury may from time to time direct.”;
(c)
“(9C)
In subsection (9A)(ba) the reference to “relevant recommendations”, in relation to the regulator’s response in respect of an annual report, is a reference to—
(a)
any recommendations to the regulator contained in that annual report, and
(b)
any recommendations to the regulator contained in final reports relating to individual complaints given during the period to which that annual report relates.”