COAF 2.3 Coverage and scope of the scheme

1. (1)

   The transitional complaints scheme provides a procedure for enquiring into and, if necessary, addressing allegations of misconduct by the FSA, PIA, IMRO and SFA arising from the way in which they have carried out or failed to carry out their functions. The transitional complaints scheme covers complaints about the way in which the FSA, PIA, IMRO or SFA have acted or omitted to act, including complaints alleging:

   1. (a)

      mistakes and lack of care;

   2. (b)

      unreasonable delay;

   3. (c)

      unprofessional behaviour;

   4. (d)

      bias; and

   5. (e)

      lack of integrity.

2. (2)

   1[deleted]

3. (3)

   The transitional complaints scheme does not cover complaints arising in connection with the functions which the FSA was authorised to carry out by the Contracting Out (Functions in Relation to Insurance) Order 1998.

4. (4)

   To be eligible to make a complaint under the transitional complaints scheme, a person (see COAF 2.2.1 G) must be seeking a remedy (which for this purpose may include an apology, see COAF 2.4.5 G) in respect of some inconvenience, distress or loss which the person has suffered as a result of being directly affected by the actions or inaction of the FSA, PIA, IMRO or SFA.1

Each of the following is excluded from the transitional complaints scheme:

1. (1)

   complaints about the relationship of the FSA, PIA, IMRO or SFA with its employees;

2. (2)

   complaints connected with contractual or commercial disputes involving the FSA, PIA, IMRO or SFA and not connected to their regulatory functions; and

3. (3)

   complaints in relation to the performance of the FSA's legislative functions under the Financial Services Act 1986 or the Banking Act 1987, or the functions of PIA, IMRO or SFA in relation to their functions of making rules or issuing guidance;

4. (4)

   complaints which, before 3 September 2001, have, following an investigation by the executive of the FSA, PIA, IMRO or SFA, been referred for further investigation by a person who is independent of the FSA or of any such organisation; and1

5. (5)

   complaints about the actions, or inactions, of the Financial Ombudsman Service, the Financial Services Compensation Scheme, the Investors' Compensation Scheme or of any independent complaints investigation body established by PIA, IMRO or SFA.1

1The FSA will not investigate a complaint under the transitional complaints scheme which it reasonably considers amounts to no more than dissatisfaction with the general policies of the FSA or of PIA, IMRO or SFA or with the exercise of a discretion by any such body where no unreasonable, unprofessional or other misconduct is alleged.

The FSA will not investigate a complaint under the transitional complaints scheme which it reasonably considers could have been, or would be, more appropriately dealt with in another way (for example by referring the matter to the Financial Services Tribunal or to the committees, tribunals and appeal bodies or to any successor tribunal of PIA, IMRO or SFA or by the institution of other legal proceedings).1

A complaint which is connected with, or which arises from, any form of continuing action by the FSA, PIA, IMRO or SFA will not normally be investigated by either the FSA or the Complaints Commissioner until the complainant has exhausted the procedures and remedies under the Financial Services Act 1986 or, as appropriate, under the rules of PIA, IMRO or SFA which are relevant to that action. An investigation may be commenced before the completion of those procedures if, in the exceptional circumstances of the case, it would not be reasonable to expect the complainant to await the conclusion of such action.

Complaints should be made within 12 months of the date on which the complainant first became aware of the circumstances giving rise to the complaint. Complaints made later than this will be investigated under the transitional complaints scheme only if the complainant can show reasonable grounds for the delay.

The FSA will not make any charge to complainants for the operation of2 the transitional complaints scheme.