The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) (Amendment) Order 2026

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

This Order amends the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 ( S.I. 2014/1195 ) (“ the 2014 Order ”).

Section 84 of the Financial Services Act 2012 (“ the 2012 Act ”) requires the Financial Conduct Authority (“ FCA ”), the Prudential Regulation Authority (“ PRA ”) and the Bank of England (“the regulators”) to put in place a scheme for the prompt, independent investigation of complaints made against them in respect of their relevant functions (as defined in section 85), for example complaints about maladministration (“ the Complaints Scheme ”).

The 2014 Order is made under section 85 of the 2012 Act; its purpose being to specify additional regulatory functions that fall within the Complaints Scheme.

Article 2(2)(b) of this Order amends the 2014 Order by inserting additional relevant functions of the FCA (those being its functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 ( S.I. 2017/692 ) (“ the 2017 Regulations ”)). This Order excludes the FCA’s legislative functions of making technical standards and giving guidance under the 2017 Regulations from the Complaints Scheme.

This Order also makes corrections to the 2014 Order. Article 2(2)(a) excludes the FCA’s function of giving guidance under paragraph 7 of Schedule 1 to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 ( S.I. 2017/701 ). Article 2(2)(a) and article 3 exclude the regulators’ functions of preparing and issuing a statement of policy under paragraph 14 of Schedule 1 to those Regulations.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary sector or community bodies is foreseen.