The first four bodies wanting to become ‘super complainants’ have been named as the Citizens Advice Bureau, consumer association Which?, the Consumer Council Northern Ireland and the Federation of Small Businesses.
Super complainants will be able to present evidence of failings in the financial services industry to the regulator and force it into action within 90 days.
Super complaints could previously only be made to the Office of Fair Trading, but the Financial Services Act 2012 made it possible to complain to the regulator directly.
The complaints will typically focus on market structures and conduct of firms that are deemed damaging to consumers and businesses.
Financial secretary to the Treasury Greg Clark said: “We are building a stronger and safer financial services sector, a vital part of which is ensuring that consumers and small and medium-sized businesses have a stronger voice to raise issues when they feel specific markets are not working as they should.
“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.”
The names of the applicants will be published on the Treasury website for a period of 12 weeks in which stakeholders can comment on them.
The final decision as to who gains super-complainant status will be taken after the 12 weeks have elapsed.
