ICYMI: In December, the UK Treasury named Rachel Kent, a Partner at law firm Hogan Lovells, as the new Financial Regulators Complaints Commissioner.
Kent, who started her five-year term in January, is responsible for independently reviewing complaints about regulators and the Bank of England. Utilizing information gained from these complaints, she has the power to make recommendations to the regulators, including recommending that they remedy complaints where they are upheld.
"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," Kent said. “I look forward to working with the regulators to ensure that complaints are handled efficiently and that there is transparency around how they operate.”
Kent is the first Commissioner to be appointed by the Treasury rather than the regulators themselves following reforms in the Financial Services and Markets Act of 2023. The change was just one of the ways the legislation sought to enhance the independence and accountability of regulators.
Rachel Kent has been invited to contribute to the 2024 Compendium. ▸ Learn More
Starling will soon publish a Deeper Dive report entitled "Physician, Heal Thyself," discussing efforts to hold regulators accountable for their organizational culture and the outcomes such culture may drive. Join Starling Insights to be alerted when "Physician, Heal Thyself" is released!