The Treasury is set to take control of the appointment of the next Financial Regulators Complaints Commissioner, the body responsible for investigating complaints against the City’s financial regulators.
The FRCC allows firms to complain about decisions issued by the City's key watchdogs: the Financial Conduct Authority, Prudential Regulation Authority and the Payments Systems Regulator. According to a report by Sky News, ministers will select the FRCC's chief, an appointment previously overseen by the regulators themselves, in a bid to increase the body's independence in the midst of a testy period for them and the government. The FRCC is currently led by commissioner Amadeep Somal, who was appointed by the Bank of England in 2020 on a three-year term. Sources told the broadcaster th...
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