The commissioner oversees the final stage of investigations into complaints against the FCA, PRA and the Bank. The role is independent from the three organisations.
Somal will replace current commissioner, Antony Townsend, on 1 November and will serve an initial term of three years.
Christopher Woolard, interim chief executive of the FCA, said: “Independent scrutiny is vital to the transparency and standards of the UK regulatory system. We are pleased to see Amerdeep appointed to the role of Complaints Commissioner and we look forward to working with her.
“We would also like to thank Antony Townsend for his dedication and commitment over the last six years.”
Sam Woods, deputy governor for Prudential Regulation and chief executive officer of the Prudential Regulation Authority, said: “The role of complaints commissioner is key to upholding a fair regulatory system and making sure we improve our effectiveness through time.
“I would like to congratulate Amerdeep on her appointment, and look forward to working with her in the future.”
Somal added: ‘I am delighted to be appointed to this important role. The complaints commissioner plays a critical role – not only in providing people who are unhappy with the financial regulators with recourse to an independent review but also in helping them focus more widely on where they could improve the experience of all their customers.
“I will ensure these important institutions are held accountable and open to rigorous scrutiny.”
Before taking her role, Somal will step down from positions as the independent assessor of the Financial Ombudsman Service, a council member on the General Medical Council, and as a senior independent panel member for public appointments at the Cabinet Office.
She will retain her positions as a judge of the Asylum and Immigration Tribunal and as chief commissioner at the Data and Marketing Commission.
The FCA, PRA and the BOE last month launched a joint consultation on the Financial Regulators’ Complaints Scheme.