Rachel Kent Appointed Financial Regulators Complaints Commissioner

Her five-year term in the role - which is to independently review complaints about the UK’s financial services regulators - will take effect on 1 January 2024. Powers held by the Financial Regulators Complaints Commissioner include making recommendations to the regulators, extending to the provision of appropriate remedies where a complaint is upheld.

As a result of the Financial Services and Markets Act 2023, this is the first time that the Financial Regulators Complaints Commissioner role has been appointed by HM Treasury, with the objective of ensuring the independence and effectiveness of the role.

Commenting on her appointment, Rachel said: “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.”

Rachel Kent is highly respected within the financial services industry, having worked closely with the UK Government for a number of years. Earlier this year she led the Investment Research Review (IRR) of the provision of investment research and its contribution to the competitiveness of the UK’s capital markets. She was deputy chair of the Policy and Regulation chapter of HM Treasury’s FinTech Strategic Review (FSR) commissioned by Ron Kalifa and published in 2021, and served as Chair of the International Regulatory Strategy Group (IRSG) UK Regulation Working Group on international access and competitiveness [until taking up her new appointment]. She has been the lead author of a number of their reports on post Brexit regulatory reform.

The Economic Secretary to the Treasury, Bim Afolami, said: “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.”

Michael Davison, Deputy CEO of Hogan Lovells, added: “This is a prestigious appointment that reflects both Rachel’s hard work and industry standing, and Hogan Lovells strength in operating at the intersection of business and government. We are delighted to support her in this role.”