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Gov't kick-starts FCA super-complaints regime

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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Profile: The opportunity set that attracted Brett Williams to wealth management

Profile: The opportunity set that attracted Brett Williams to wealth management

Brett Williams is best known for helping to build some of the biggest platforms in the IFA market.He made the move over to wealth management to head SEI’s UK business earlier this year in the belief that this is where the best opportunities now lie.

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