The new Financial Services Authority (FSA) watchdog will not investigate complaints about how the FSA dealt with Independent Insurance.
Rosemary Radcliffe, who has retired as PricewaterhouseCoopers' chief economist, will be the complaints commissioner for the FSA.
She will deal with any complaints brought against the FSA from December 1, when new legislation comes into effect.
She said as the Independent Insurance collapse happened earlier this year, she would not be able to investigate the FSA's role in the affair.
Radcliffe will investigate complaints with regard to errors, lack of care, unreasonable delay, bias and lack of integrity levelled at the FSA.