Experienced financial services lawyer Rachel Kent is to succeed Amerdeep Somal as the Financial Regulators' Complaints Commissioner, starting a five-year term starting on 1 January.

The Financial Regulators' Complaints Commissioner hears complaints against the financial regulators, including the FCA and the Bank of England.

The Treasury made the announcement today.

Ms Kent is an experienced lawyer, who recently led the Investment Research Review (IRR). The IRR considered the provision of investment research and its contribution to the competitiveness of the UK’s capital markets.

It is the first time that the Treasury has appointed the Financial Regulators' Complaints Commissioner. The Commissioner was previously appointed by the financial services regulators but changes made by the Financial Services and Markets Act 2023 have passed the selection process to the Treasury to provide greater independence to the role, the Treasury said.

The Financial Regulators' Complaints Commissioner has the power to make recommendations to the regulators, including recommending that they provide appropriate remedies where a complaint is upheld.

Ms Kent is currently a partner in the financial services regulatory team at law firm Hogan Lovells. In March 2023, she was appointed to chair the independent Investment Research Review launched by the government, a review into the UK’s research and investment landscape. She also acted as vice-chair of the Policy and Regulation chapter of Ron Kalifa’s FinTech Strategic Review.

She has also acted as the General Counsel at the UK Infrastructure Bank and is an Advisory Board Member for the Treasury’s Socio-Economic Mobility Taskforce and Treasury’s Expert Trade Advisory Group.

Economic Secretary to the Treasury Bim Afolami said: “I am delighted to announce that Rachel Kent has been appointed as the Financial Regulators Complaints Commissioner. This role is fundamental in ensuring that the regulators are accountable for their actions and that complaints made about them are independently investigated. 

“Rachel brings a wealth of experience and expert knowledge of financial services regulation to this role. I am confident that she will provide robust and independent scrutiny of the way the financial services regulators have carried out their roles.”

Ms Kent said: “I am pleased to have been appointed to this important role which provides critical independent oversight of how the financial services regulators carry out, or fail to carry out, their functions.

“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. I look forward to working with the regulators to ensure that complaints are handled efficiently and that there is transparency around how they operate”