http://www.legislation.gov.uk/ukpga/2012/21/section/87/2018-10-26Financial Services Act 2012An Act to amend the Bank of England Act 1998, the Financial Services and Markets Act 2000 and the Banking Act 2009; to make other provision about financial services and markets; to make provision about the exercise of certain statutory functions relating to building societies, friendly societies and other mutual societies; to amend section 785 of the Companies Act 2006; to make provision enabling the Director of Savings to provide services to other public bodies; and for connected purposes.texttext/xmlenStatute Law Database2026-08-12Expert Participation2018-10-26 Financial Services Act 2012ActWater Act 2014s. 79(4)s. 94(3)Financial Services Act 2012ActWater Act 2014s. 81(10)s. 94(3) PART 6 871A regulator is not obliged to investigate in accordance with the complaints scheme a complaint which it reasonably considers would be more appropriately dealt with in another way (for example by referring the matter to the Upper Tribunal or by the institution of other legal proceedings).2The complaints scheme must provide—afor reference to the investigator of any complaint which a regulator is investigating,bfor the investigator—ito have the means to conduct a full investigation of the complaint,iito report to the regulator to which the complaint relates and the complainant on the result of the investigator's investigation, andiiito be able to publish the investigator's report (or part of it) if the investigator considers that it (or the part) ought to be brought to the attention of the public, andcfor the meeting by the regulators of the expenses of the scheme.3If a regulator has decided not to investigate a complaint, it must notify the investigator.4If the investigator considers that a complaint of which the investigator has been notified under subsection (3) ought to be investigated, the investigator may proceed as if the complaint had been referred to the investigator under the complaints scheme.5The complaints scheme must confer on the investigator the power to recommend, if the investigator thinks it appropriate, that the regulator to which a complaint relates takes either or both of the following steps—amakes a compensatory payment to the complainant, orbremedies the matter complained of.6The complaints scheme must require the regulator to which a complaint relates, in a case where the investigator—ahas reported that the complaint is well-founded, orbhas criticised the regulator in a report,to inform the investigator and the complainant of the steps which it proposes to take in response to the report.7The investigator may require the regulator to which a complaint relates to publish the whole or a specified part of the response.8The investigator may appoint a person to conduct the investigation on the investigator's behalf but subject to the investigator's direction.9An officer or employee of any of the regulators may not be appointed under subsection (8).9AThe complaints scheme must provide—afor the investigator to prepare an annual report on its investigations under the scheme, to publish it and send a copy of it to each regulator and to the Treasury;bfor each regulator to respond to any recommendations or criticisms relating to it in the report, to publish the response and send a copy of it to the investigator and the Treasury;cfor the Treasury to lay the annual report and any response before Parliament.9BThe complaints scheme may make provision about the period to which each annual report must relate (“the reporting period”) and the contents of the report and must in particular provide for it to include—ainformation concerning any general trends emerging from the investigations undertaken during the reporting period;bany recommendations which the investigator considers appropriate as to the steps a regulator should take in response to such trends;ca review of the effectiveness during the reporting period of the procedures (both formal and informal) of each regulator for handling and resolving complaints which have been investigated by the investigator during the reporting period;dan assessment of the extent to which those procedures were accessible and fair, including where appropriate an assessment in relation to different categories of complainant;eany recommendations about how those procedures, or the way in which they are operated, could be improved.10Subsection (2) is not to be taken as preventing a regulator from making arrangements for the initial investigation of a complaint to be conducted by the regulator.S. 87 in force at 24.1.2013 for specified purposes by S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3S. 87 in force at 1.4.2013 in so far as not already in force by S.I. 2013/423, art. 3, Sch.S. 87(9A)(9B) inserted (1.10.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 20, 164(1); S.I. 2015/1689, reg. 2(a)