COAF 2.1 Introduction

In accordance with the power conferred by The Financial Services and Markets Act 2000 (Transitional Provisions) (Ombudsman Scheme) Order 2001 ("the Order"), the FSA has made arrangements for the investigation of complaints:

1. (1)

   arising in connection with the exercise before the commencement day of any functions conferred on the FSA by or under any enactment (other than the Act), or the failure to exercise any such function before commencement; or

2. (2)

   against PIA, IMRO or SFA in respect of matters arising before the commencement day.

The arrangements made by the FSA are set out in the following provisions of this transitional complaints scheme.

The Order requires the FSA to ensure that the transitional complaints scheme complies with paragraph 7 of Schedule 1 to the Act and provides that the FSA may apply such provisions of paragraph 8 of Schedule 1 as it considers to be appropriate. The FSA has decided to apply most of the provisions of paragraph 8 so that, with suitable modification to take account of the different persons involved, the transitional complaints scheme will operate in substantially the same way as the complaints scheme which, going forward, provides a scheme for investigating complaints against the FSA in respect of its functions under the Act. One difference is that the transitional complaints scheme does not make provision for compensatory payments to be made to complainants.

The FSA is required to appoint an independent person as Complaints Commissioner to be responsible for the conduct of investigations in accordance with the complaints scheme, and that person is also responsible for the conduct of investigations under this transitional complaints scheme.

1. (1)

   Where the FSA is required to make a particular arrangement as part of the transitional complaints scheme, this is recognised in the following text by use of the word "must". In contrast, where a provision in the transitional complaints scheme states that someone "will" do something, this denotes that the FSA is committing itself or the Complaints Commissioner to some action which, though not specifically required, is nevertheless viewed as necessary to give effect to the intentions of the Act.1

2. (2)

   Each provision in the transitional complaints scheme is, consistent with the style and format of the Handbook, identified by the letter "G". It nevertheless constitutes a definitive statement of the transitional complaints scheme which the FSA is maintaining.1

References in this transitional complaints scheme to the FSA's functions are references to its statutory functions (other than its legislative functions) arising in connection with the Financial Services Act 1986 and the Banking Act 1987 and functions conferred on the FSA by or under other enactments (other than the Act). References to the functions of PIA, IMRO or SFA are references to their functions arising in connection with the Financial Services Act 1986 (other than their functions of making rules and issuing guidance).

For the purposes of the transitional complaints scheme, the FSA is responsible for receiving, investigating and responding to complaints made against PIA, IMRO or SFA.

The transitional complaints scheme has effect from 3 September 2001 and is concerned with complaints against the FSA, PIA, IMRO and SFA made on or after that date and with complaints made before that date but only if they had not, by 3 September, been referred to an independent person for review.

In this transitional complaints scheme:

1. (1)

   "complaint" means any expression of dissatisfaction about the manner in which the FSA has carried out, or failed to carry out, its statutory functions (other than its legislative functions) and about the manner in which PIA, IMRO or SFA have carried out their functions arising in connection with the Financial Services Act 1986 (other than their functions of making rules and issuing guidance);1

2. (2)

   firm includes any person who is or was a person authorised under Chapter III of Part I of the Financial Services Act 1986; and

3. (3)

   "Financial Services Tribunal" means the Tribunal established under section 96 of the Financial Services Act 1986.

The transitional provisions in GEN do not apply to the transitional complaints scheme.

Further details of the practical operation of the transitional complaints scheme are available from the office of the FSA's Company Secretary who may be contacted at 25 The North Colonnade, Canary Wharf, London E14 5HS, Tel No. 020 7066 9870 or by e-mail at complaints@fsa.gov.uk.