The government has opened the applications process for consumer bodies representing small and medium sized (SMEs) businesses to become 'super complainants' to the Financial Conduct Authority (FCA).
Consumer bodies representing SMEs can now apply to become 'super complainants' to the FCA when they have experienced problems with the financial services sector.
The applications period for the first round of designations opened yesterday and will close on Tuesday 4 June 2013. An announcement on the first round will be made later this year.
Likely applicants might include the Federation for Small Businesses or other similar bodies.
The potential super complainants must apply to the Treasury for this status and the FCA will be required to publish a response within 90 days of receiving a complaint.
Once the status is awarded, super complainants will have a fast tracked route to raising problems experienced when dealing with the financial services market.
The legislation was introduced by the Financial Services Act 2012 and will allow consumer bodies to hold the regulator to account for its response to issues damaging the interests of consumers.
The financial secretary to the Treasury, Greg Clark said: "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.
"This will support swifter intervention by the FCA in future and I am pleased that SMEs will benefit, as well as individual consumers."
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