Treasury to appoint next chief of City regulators' complaints body - reports

investmentweek.co.uk:

City minister Andrew Griffith (pictured) is understood to have said that the independence of the position would be significantly enhanced by the fact that the new commissioner will be appointed by the government, rather than regulators themselves.

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.

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The FRCC is currently led by commissioner Amadeep Somal, who was appointed in 2020 on a three year term by the Bank of England. Sources told the broadcaster that the role is likely to be advertised as soon as this week. 

Sky News said City minister Andrew Griffith is understood to have written the following on the preface of the job posting: «The Complaints Commissioner is fundamental in providing robust and independent scrutiny of the way the financial services regulators have carried out their roles.»

He will also say the independence of the position would be significantly enhanced by the fact that the new commissioner will be appointed by the government, rather than regulators themselves.

That would be enhanced further by «new reporting requirements which will ensure that there is greater transparency about how the regulators respond to the Commissioner's recommendations».

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