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Four consumer groups given ‘super complainant’ status

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
05/12/2014

The City regulator has given four campaign groups stronger powers to expose wrongdoing in the financial services sector.

Which?, Citizens Advice, the Federation of Small Businesses and the Consumer Council of Northern Ireland have all been granted ‘super complainant’ status, meaning they will have direct access to the Financial Conduct Authority, and will receive faster responses to complaints.

Once a super-complainant has made a complaint to the FCA, the regulator must respond within 90 days.

Previously, complaints by a state-approved watchdog on behalf of consumers about financial services could only be made to the Office of Fair Trading, which has fewer powers in the area than the City regulator.

The Financial Conduct Authority has the power to fine and ban companies and individuals, order companies to redress and compensate consumers who have been treated unfairly.

Richard Lloyd, Which? executive director, said: “Giving consumer groups like Which? the power to bring super complaints in financial services means we can prompt early action by the regulator and help prevent scandals and mis-selling before they get out of control.

“For too long, consumers have suffered from a series of financial scandals. That’s why we need the regulator to proactively monitor the market, respond to evidence from consumers and take tough action against bad practice.”