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View the article online at http://citywire.co.uk/wealth-manager/article/a725002

Gov't kick-starts FCA super-complaints regime

by Alex Steger on Dec 19, 2013 at 07:28

Gov't kick-starts FCA super-complaints regime

The government has named the first consumer bodies to be given super-complainant status for the financial services sector.

The four bodies will have the power to present complaints to the Financial Conduct Authority (FCA) if they believe there are features of a financial services market that are significantly damaging the interests of consumers.

The super-complaint regime was brought in as part of the Financial Services Act 2012 in an effort to strengthen the voice of consumers in financial services.

The four groups are:

  • Which?
  • Consumer Council Northern Ireland
  • Citizens Advice
  • The Federation of Small Businesses

Once a super-complainant has made a complaint to the FCA, the regulator must respond within 90 days. After receiving a super complaint, the FCA could, if appropriate, use launch its own investigation, restricted certain activities, take enforcement action, or launch a redress scheme.

Financial secretary to the Treasury, Sajid Javid (pictured)said: ‘Super-complainants have an important role, and coupled with the strong remit of the FCA to protect consumers, these measures are a significant step in our drive to tackle bad practice in the financial services sector ever more rapidly and robustly.’

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