CONSUMERS with complaints about financial services companies are being urged not to be shy to call the new hotline set up by the Financial Services Authority (FSA).
The new watchdog does not yet have to power to take up complaints directly but will pass the complaint on to the self-regulatory body (SRO) concerned.
"We are aiming to simplify everything for consumers. They only have to remember one number, 0845 6061234, we worry about which SRO deals with the complaint,'' said an SFO spokesman.
Once the Financial Regulatory Reform Bill goes through Parliament, the FSA will be responsible for dealing with the complaint but this will not be for some time.
In the meantime, although many staff from the SROs are transferring to the FSA, the bodies remain responsible for investigating complaints and taking disciplinary action against their members.
The FSA has, however, now formally taken over responsibility from the Bank of England for the supervision of banks, including the power of prosecuting those who seek to accept deposits without authorisation to do so.
The 430 staff employed by the bank on supervision and surveillance (to ensure banks remain financially sound) have transferred to the FSA.
The bank's key role is now the setting of interest rates. It has been doing this for over a year but only now has the Bank's independence in this respect come formally into existence.
Towards the end of the year the FSA will move into a permanent home in Canary Wharf in London's Docklands and it is budgeting for a staff of 1715, including those moving from the Bank and SROs.
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