The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) (Amendment) Order 2026

The Order states it is made in consequence of a defect in S.I. 2014/1195 and serves to make necessary corrections to the definition of regulatory functions.

Proponents within the Treasury indicate the measure ensures the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are accountable for specific administrative actions by bringing them within the scope of the statutory Complaints Scheme.

The document asserts that the Order maintains consistency in the treatment of legislative functions by excluding technical standards and guidance-making from the scheme's scope, as these are typically considered legislative rather than administrative in nature.

The Treasury notes that a full impact assessment was not produced because the instrument is foreseen to have no significant impact on the private, voluntary, or community sectors.

Legal commentators might note that the exclusion of certain guidance-making and policy statement functions from the Complaints Scheme limits the avenues for redress available to parties affected by such regulatory tools.

Affected entities may find the piecemeal nature of these amendments—which modify older Statutory Instruments and reference multiple regulatory regimes like the Money Laundering Regulations—adds complexity to determining which regulatory actions are subject to independent investigation.

Critics of the regulatory framework might argue that the distinction between administrative functions (covered) and legislative functions (excluded) remains subject to technical definitions that may be difficult for lay complainants to navigate.