Treasury names next financial regulators complaints commissioner
The Financial Services and Markets Act 2023 made the Treasury, rather than the regulators, responsible for the appointment of the financial regulators complaints commissioner.
Kent, currently a partner in the financial services regulatory team at law firm Hogan Lovells, will start her five-year term on 1 January 2024, succeeding current commissioner Amerdeep Somal.
In March of this year, Kent headed the Investment Research Review, which examined the role of investment research and its influence on the competitiveness of the UK's capital markets.
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.
Treasury to appoint next chief of City regulators' complaints body — reports
Following changes made by the Financial Services and Markets Act 2023, Kent's appointment marks the first time the Treasury has named the financial regulators complaints commissioner, who was previously appointed by the financial watchdogs.
The Treasury said the change was designed to provide a «further layer of independence» to the role and support the effectiveness of the commissioner.
«This role is fundamental in ensuring that the regulators are accountable for their actions and that complaints made about them are independently investigated,» said economic secretary to the Treasury Bim Afolami.
«Rachel brings a wealth of experience and expert knowledge of financial services regulation to this role. I am confident that she will provide robust and independent scrutiny of the way the financial services regulators have carried out their roles.»
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