Four consumer bodies have applied to the Treasury to be granted ‘super-complainant’ status in the financial services sector.
The government is asking interested parties to comment on the applications which are available to view on the Treasury’s website for the next 12 weeks, after which the final decision as to who gains super-complainant status will be taken. The four applicants are:
• Citizens Advice Bureaux
• Consumers Association (Which?)
• Consumer Council Northern Ireland
• Federation of Small Businesses
Super-complainants will be given powers by the Treasury to make ‘super-complaints’ about financial services to the new regulator, the Financial Conduct Authority (FCA).
Once a designated body has brought a super-complaint to the FCA, the regulator will have a duty to respond within 90 days.
In the past, super-complaints about financial services could only be made to the Office of Fair Trading (OFT), which doesn’t have the same powers as the FCA in relation to financial issues. In future, the FCA could receive a super-complaint and, if appropriate, use its own strengthened powers to tackle the issue.
Financial secretary to the Treasury Greg Clark said: “By giving certain consumer and business groups the ability to make ‘super-complaints’ to the new regulator, the Financial Conduct Authority, we can all help to tackle bad practice more rapidly and robustly than before.
“Consumer groups can access individuals’ complaints to form a judgment on whether there is a problem and then take the necessary action.”
