The Financial Conduct Authority (FCA), one of the most well regarded financial regulators in the world, alongside the Prudential Regulation Authority (PRA) and the Bank of England (BoE) have recently announced the appointment of a new Complaints Commissioner.
According to a statement published on Wednesday, Amerdeep Somal will be taking on the role of Complaints Commissioner, replacing the current Commissioner Antony Townsend on 1st November 2020. Somal will serve an initial term of three years.
The Complaints Commissioner is in charge of the oversight of the final stage of investigations against the FCA, PRA and the BoE. Therefore, the role is independent of these three organisations.
Commenting on the appointment, Christopher Woolard, Interim Chief Executive of the FCA, said in the statement: “Independent scrutiny is vital to the transparency and standards of the UK regulatory system.
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“We are pleased to see Amerdeep appointed to the role of Complaints Commissioner, and we look forward to working with her. We would also like to thank Antony Townsend for his dedication and commitment over the last six years.”
Amerdeep Somal to Step Down from Various Roles
Before she takes on the role of the Complaints Commissioner, Somal will step down from her current roles as independent assessor of the Financial Ombudsman Service, a council member on the General Medical Council, and as a senior independent panel member for public appointments at the Cabinet Office.
Somal will keep her positions as a judge of the Asylum and Immigration Tribunal and as Chief Commissioner at the Data and Marketing Commission, the statement said.
“The role of Complaints Commissioner is key to upholding a fair regulatory system and making sure we improve our effectiveness through time,” added Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority in the statement.
“I would like to congratulate Amerdeep on her appointment, and look forward to working with her in the future.”