Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Bank of England definition

What does Bank of England mean? In legal practice, “Bank of England” refers to the United Kingdom’s central bank, central to matters involving sterling, monetary policy, prudential supervision and bank resolution. Its modern statutory framework is found principally in the Bank of England Act 1998, the Financial Services and Markets Act 2000 (as amended), the Financial Services Act 2012 and the Banking Act 2009. Key features: - Monetary policy: sets Bank Rate via the Monetary Policy Committee (operationally independent of HM Treasury). - Prudential regulation: through the Prudential Regulation Authority (a part of the Bank) and the Prudential Regulation Committee. - Financial stability: macro‑prudential powers via the Financial Policy Committee;...

UK Regulators’ Complaints Scheme (FCA, PRA, Bank of England): scope, exclusions, procedure, time limits, remedies and the Financial Regulators Complaints Commissioner

Published by a LexisNexis Financial Services expert

Practice notes

Background to the Complaints Scheme

Under Part 6 of the Financial Services Act 2012 (FSA 2012), the Bank of England (BoE), the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA)—collectively the 'regulators'—must put in place arrangements to investigate complaints made about them. These arrangements are termed the 'Complaints Scheme' and are explained in full in the FCA and PRA/BoE joint document titled Complaints against the Regulators: The Complaints Scheme (updated November 2023). Part 6 also obliges the regulators, with HM Treasury’s approval, to appoint an independent individual to oversee the conduct of complaint investigations within the scope of the Complaints Scheme. This appointee is the 'Financial Regulators Complaints Commissioner' (the 'Complaints Commissioner'). See the Complaints Commissioner’s website here. The Complaints Commissioner and their team investigate complaints independently of the relevant regulator and may reach a different conclusion to that regulator. The regulators and the Complaints Commissioner operate within the parameters of the Complaints Scheme.

The Complaints Scheme sets out two distinct stages:

the regulator examines any complaint about itself that meets the Scheme’s requirements (see below) and takes whatever steps it considers appropriate to resolve the issue
if the complainant remains dissatisfied following the regulator’s investigation...

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Web page updated on 21/05/2026

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