§ Ms LawrenceTo ask the Chancellor of the Exchequer if he will make a statement on the Government's plans for reform of complaints handling and compensation schemes for financial services. [22011]
§ Mrs. LiddellThe Financial Services Authority has today published consultation documents on proposed arrangements for complaints-handling and compensation. Copies have been placed in the Libraries of the House.
We intend that there should be a single independent Financial Services Ombudsman. The Ombudsman will deal with unresolved complaints against all firms authorised by the Financial Services Authority.
The legislative framework for the Financial Services Ombudsman and for a single financial services compensation scheme will be included in the draft legislation to reform the regulatory system that the Government plan to publish for consultation next summer.