The Treasury has appointed Rachel Kent to succeed Amerdeep Somal as the Financial Regulators Complaints Commissioner, with her five-year term commencing on 1 January 2024.
This marks the first time the Treasury has appointed the Financial Regulators Complaints Commissioner, a role previously filled by the financial services regulators.
This change, introduced by the Financial Services and Markets Act 2023, aims to enhance the role’s independence and effectiveness.
Kent is a seasoned financial services lawyer, recently leading the Investment Research Review (IRR), which assessed the impact of investment research on the competitiveness of the UK’s capital markets.
Her extensive background in financial services regulation includes chairing the independent Investment Research Review and serving as Vice-Chair of the Policy and Regulation chapter of Ron Kalifa’s FinTech Strategic Review. She has also held positions as General Counsel at the UK Infrastructure Bank and as an Advisory Board Member for HM Treasury’s Socio-Economic Mobility Taskforce and HM Treasury’s Expert Trade Advisory Group.
The Financial Regulators Complaints Commissioner is responsible for independently reviewing complaints about the UK’s financial services regulators and the Bank of England. The Commissioner can recommend appropriate remedies when a complaint is upheld.
The Economic Secretary to the Treasury, Bim Afolami, commented on the appointment, saying: “I am delighted to announce that Rachel Kent has been appointed as the Financial Regulators Complaints Commissioner. This role is fundamental in ensuring that the regulators are accountable for their actions and that complaints made about them are independently investigated. 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.”
Kent added: “I am pleased to have been appointed to this important role which provides critical independent oversight of how the financial services regulators carry out, or fail to carry out, their functions. The financial services regulators have a significant impact on millions of consumers and firms, and it is important that they are subject to effective scrutiny. I look forward to working with the regulators to ensure that complaints are handled efficiently and that there is transparency around how they operate.”
