Super complaints to the FCA
Super complaints to the FCA

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Super complaints to the FCA
  • Background to super complaints
  • Super complaints under FSMA 2000, s 234C
  • References under FSMA 2000, s 234D

Background to super complaints

The Financial Services Act 2012 amended the Financial Services and Markets Act 2000 (FSMA 2000) by introducing two new frameworks for bringing important information to the attention of the Financial Conduct Authority (FCA). Consumer bodies, as designated by the HM Treasury, can make a 'super complaint' under FSMA 2000, s 234C. Similarly, regulated persons and the Financial Ombudsman Service (FOS) can make 'references' to the FCA under FSMA 2000, s 234D. In June 2013, as required by FSMA 2000, s 234F, the FCA issued guidance on both super complaints and references, intended to broadly mirror the super complaints scheme already in place at the Office of Fair Trading, under the Enterprise Act 2002. Both mechanisms are slightly different in the information that they require. Super complaints are designed to enable consumer bodies to complain to the FCA that a feature, or combinations of features, of the market for financial services in the UK is considerably harming the interests of consumers. Complaints about harm to individual consumers will continue to be dealt with by the FOS. References enable regulated firms or the FOS to inform the FCA that there has been a failure by a regulated firm that is giving rise to consumer detriment. Both super complaints and references require a response from the FCA within