The Treasury has announced plans to ramp up consumer protection to the next level within the financial sector.
The new system, unveiled on Wednesday, is due to be rolled out later this year. It aims to give “consumers and small and medium-sized businesses a stronger voice” in cases where financial services are not working as they should.
It will see consumer bodies given ‘super-complainant’ status, which will be authorised to make ‘super-complaints’ to the new financial watchdog, the Financial Conduct Authority (FCA).
The Treasury’s attempts to bolster consumer protection follow an announcement that the number of financial complaints had risen by 179% in the first quarter of this year.
Seventy-four per cent of complaints that are received refer to payment protection insurance (PPI), and according to statistics, four of the biggest UK banks are among the worst performers in terms of customer satisfaction.
In a statement, Greg Clark, financial secretary to the Treasury, said, “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 FCA has powers to impose fines, bans and advertising restrictions on companies where it finds problems of malpractice.
Citizens Advice, consumer group Which?, the Consumer Council Northern Ireland and the Federation of Small Businesses have all submitted applications for super-complainant status. Their applications will be published on the Treasury website for 12 weeks in which stakeholders have the opportunity to comment.
Like our Facebook Page
REPT BATTERO Makes Breakthrough in Future of Eco-Friendly Batteries
Harnessing the Sun: The Far-reaching Benefits of Solar Panels
7 Benefits of Purchasing Sustainable Housing
Our Top Five Sustainable Home Renovations For 2023
6 Ways Eco-Friendly Photographers Can Take Beautiful Natural Pictures
Emerging Research In Seagrass Restoration: What Does The Future Hold?
Sustainable Bites: How To Make Your Diet Eco-Friendly
Coffee Farms & Cloud Forests: Colombia’s New Eco Initiatives
Electric Cars: Are They Worth The Switch?
Maximizing the Efficiency of Deliveries: Strategies for Sustainable Businesses
The Future of Sustainability In The Logistics Industry
Eight Different Eco-Friendly Developments in the Food Industry
5 Key Areas to Look at When It Comes to Business Sustainability
Holding Eco-Friendly Coins is Greener and More Profitable
Addressing Leadership Challenges in Green Entrepreneurship
5 Reasons That Diamonds Can Be Excellent Green Investments
Why Should We Invest in Eco-Friendly Homes?
The Rise of Sustainable Cloud Computing
Navigating Towards A Greener Future: Sustainable Practices In Maritime
Eco- Friendly Homes Integrating Environmental Consciousness into Modern Real Estate
- Features3 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment7 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment11 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?
- Business10 months ago
The Pulp & Paper Industry is Reaching its Sustainability Goals