The government has announced that Rachel Kent will succeed Amerdeep Somal as the financial regulators complaints commissioner.

The commissioner has responsibility for independently reviewing complaints about the UK’s financial services regulators and the Bank of England. They have the power to make recommendations to the regulators, including recommending that they provide appropriate remedies where a complaint is upheld.

The move marks the first time that HM Treasury has appointed the commissioner, who was previously chosen by the financial services regulators.

The change, part of the new Financial Services and Markets Act 2023, is designed to provide a further layer of independence to the role.

“I am delighted to announce that Rachel Kent has been appointed as the Financial Regulators Complaints Commissioner," said economic secretary to the treasury Bim Afolami. "This role is fundamental in ensuring that the regulators are accountable for their actions and that complaints made about them are independently investigated."

The treasury said that Kent, who will begin the five-year term on 1 January, is an experienced financial services lawyer who recently led the Investment Research Review (IRR).

The IRR considered the provision of investment research and its contribution to the competitiveness of the UK’s capital markets.

Incoming financial regulators complaints commissioner, Rachel Kent, said: "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.”

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