# The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014

S.I. 2014/1195 · made 8 May 2014 · revised to 23 July 2026

Part 6 of the the Financial Services Act 2012 (“the Act”) makes provision for the regulators (the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England) to establish a scheme for the investigation of complaints arising in connection with the exercise of, or failure to exercise, any of their “relevant functions”. Section 85 of the Act specifies the relevant functions in relation to the Financial Conduct Authority and the Prudential Regulation Authority as being their functions under the Financial Services and Markets Act 2000 (other than their legislative functions) and such other functions as the Treasury may by order provide. Article 2 of this Order provides that the functions of the Financial Conduct Authority in relation to regulated covered bonds, payment services, electronic money and payments in Euro are to be “relevant functions” for the purposes of the complaints scheme.

Made under: Financial Services Act 2012 (Section 85)

PDFs: Printed copy https://openlegislation.uk/financial-services-act-2012-relevant-functions-in-relation-to-complaints-scheme-order-2014/pdf/uksi_20141195_en.pdf; UK Explanatory Memorandum https://openlegislation.uk/financial-services-act-2012-relevant-functions-in-relation-to-complaints-scheme-order-2014/pdf/uksiem_20141195_en.pdf

## Introductory text

Financial Services And Markets
Made 8th May 2014
Laid before Parliament 9th May 2014
Coming into force 1st June 2014
The Treasury make the following Order in exercise of the powers conferred by section 85(2)(b) of the Financial Services Act 2012:

## 1 Citation and commencement

This Order may be cited as the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 and comes into force on 1st June 2014.

## 2 Relevant functions of the FCA

The following functions of the FCA are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012—
(a) its functions under the Regulated Covered Bonds Regulations 2008, other than its function of giving guidance under regulation 42;
(b) its functions under the Payment Services Regulations 2017, other than its function of giving guidance under regulation 120;
(c) its functions under the Electronic Money Regulations 2011, other than its function of giving guidance under regulation 60;
(d) its functions under the Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012, other than its function of giving guidance under regulation 15.
(e) its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its function of giving guidance under paragraph 7 of Schedule 1 and its function of preparing and issuing a statement of policy under paragraph 14 of Schedule 1.
(f) its functions under the Data Reporting Services Regulations 2024.
(g) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(h) its functions under the Securitisation Regulations 2024 , other than its function of making rules under regulations 22 and 34.
(i) its functions under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, other than its function of making technical standards under regulation 20(6) and its function of giving guidance under regulation 48(1).

## 3 Relevant functions of the PRA

The following functions of the PRA are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012—
(a) its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its function of preparing and issuing a statement of policy under paragraph 14 of Schedule 1;
(b) its functions under the Securitisation Regulations 2024.

## Signature

Stephen Crabb
Anne Milton
Two of the Lords Commissioners of Her Majesty’s Treasury
8th May 2014

## Explanatory note

(This note is not part of the Order)
Part 6 of the the Financial Services Act 2012 (“the Act”) makes provision for the regulators (the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England) to establish a scheme for the investigation of complaints arising in connection with the exercise of, or failure to exercise, any of their “relevant functions”. Section 85 of the Act specifies the relevant functions in relation to the Financial Conduct Authority and the Prudential Regulation Authority as being their functions under the Financial Services and Markets Act 2000 (other than their legislative functions) and such other functions as the Treasury may by order provide. Article 2 of this Order provides that the functions of the Financial Conduct Authority in relation to regulated covered bonds, payment services, electronic money and payments in Euro are to be “relevant functions” for the purposes of the complaints scheme.
An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.

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Source: https://www.legislation.gov.uk/uksi/2014/1195 (the official version)
Page: https://openlegislation.uk/financial-services-act-2012-relevant-functions-in-relation-to-complaints-scheme-order-2014
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.