"Finalized Revised Complaints Scheme for Regulators in UK Offers Clarity and User-Friendliness"

The UK financial regulators – the Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA) and Bank of England have revised their complaints scheme to make it clearer and user-friendly. The scheme now outlines that discretionary payments in recognition of financial losses may be made if the regulator is primarily at fault. Levels of compensatory payments for non-financial loss have been increased and more eligibility clarity provided. Payments are expected to remain modest however recourse may be available through the firm, or other organisations such as the Financial Ombudsman Service or the Financial Services Compensation Scheme.