New route for SMEs to highlight problems with banks
In the wake of the interest rate swap mis-selling scandal, the Government wants to make it easier for small and medium-sized businesses (SMEs) to highlight the problems they are experiencing with banks.
Representative bodies of SMEs and consumers generally can now apply to be designated as “super-complainants” to the Financial Conduct Authority (FCA).
Once designated they will have a fast-tracked route to raise issues in financial services markets with the new regulator, which will be required to publish a response within 90 days.
Super-complainant status is granted by HM Treasury and the application period for the first round of designations will close on Tuesday 4th June 2013.
Financial Secretary to the Treasury, Greg Clark, comments: “This is a big step forward for consumers in general and the extension of FCA super-complaints to bodies representing small and medium-sized enterprise consumers of financial services will help ensure that problems affecting them will be treated as a high priority.”