delete The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) (Amendment) Order 2024
Amends the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 to include functions under the Securitisation Regulations 2024 within the FCA's relevant functions for complaints scheme purposes, while explicitly excluding rule-making functions under Regulations 22 and 34.
This Order extends bureaucratic oversight by bringing Securitisation Regulations functions under the FCA complaints scheme without clear benefit to Britons. The UK retained EU securitisation rules represent the kind of inherited regulatory framework that should be reviewed rather than expanded. Complaints schemes add compliance layers without improving outcomes — if regulators behave improperly, existing accountability mechanisms (judicial review, Parliament, FOS) already provide recourse. The carve-out for rule-making functions under Regulations 22 and 34 demonstrates even the draftsman recognised the sensitivity of core regulatory powers, suggesting this incremental extension of complaints jurisdiction serves no essential purpose.