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UK expands FRCC remit to FCA supervision under MLRs
2 July 2026The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) (Amendment) Order 2026 was published, accompanied by an explanatory memorandum. The Order expands the remit of the Financial Regulators Complaints Commissioner (FRCC), as set out in the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014, to cover complaints relating to the UK Financial Conduct Authority's (FCA) supervisory functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs).
Following a 2024 consultation, the Money Laundering and Terrorist Financing (Amendment) Regulations 2026 were made, which widened the information-sharing gateways in the MLRs to enable the FCA to share supervisory information with the FRCC. Due to an oversight in the 2014 Order, the FRCC's remit did not extend to investigating complaints about the FCA's MLR supervisory functions. This Order addresses that omission and corrects minor drafting errors in the 2014 Order. It enters into force on 23 July.
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