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:
- 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.’