Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to The Financial Conduct Authority’s response to the Complaints Commissioner’s Annual Report 2021/2022 what steps he is taking to ensure the Financial Conduct Authority (FCA) meets its target of resolving 75% of cases within 8 weeks; how long it is taking to resolve the cases not resolved within 16 weeks; if he will ask the FCA to publish data on the number of complaints that were not resolved within (a) 8, (b)16 and (c) more than 16 weeks that were subsequently withdrawn; and if he will make a statement.

The government is clear that the regulators should deal with all complaints in a timely manner, recognising that some cases will be more complex than others and therefore take more time to resolve.

The FCA is operationally independent but I have asked them to respond to you directly on your specific questions about the time taken by the FCA to resolve complaints submitted through the Complaints Scheme.

Anyone who is directly affected by the way in which the regulators have carried out their functions can raise a complaint through the regulators’ complaints scheme. This scheme is overseen by the Complaints Commissioner, who provides independent scrutiny of the regulators and is responsible for reviewing the effectiveness of the regulators’ complaints processes.