Complaints Commissioner reports more than 50% rise in FCA complaint reviews, driven sharply by British Steel Pension Scheme cases

The Office of the Complaints Commissioner has published its annual report disclosing that it reviewed more than 50% more complaints about the Financial Conduct Authority (FCA) in 2025 to 2026 than in the previous year. The spike was driven particularly by complaints related to the British Steel Pension Scheme (BSPS), one of the UK's most significant retail investment mis-selling controversies in recent years. The Complaints Commissioner is the independent body that reviews complaints made by members of the public and firms about the FCA's conduct, providing a channel of accountability for the regulator itself. A more than 50% year-on-year increase in reviewed complaints is a material escalation and reflects the volume of unresolved grievances among BSPS members who were advised to transfer out of a defined benefit (DB) pension, which guarantees a specific retirement income, into riskier personal pension products. The FCA has faced sustained criticism over the pace and scope of its redress work on BSPS. The report adds external scrutiny pressure on the FCA at a time when the regulator is also navigating its Consumer Duty implementation review and an elevated enforcement posture across financial promotions and financial crime.