Statutory Instruments
Financial Services And Markets
Made
16th December 2013
Laid before Parliament
18th December 2013
Coming into force
14th January 2014
It appears to the Treasury that each body listed in the Schedule represents the interests of consumers and satisfies the other criteria published by them(1) under section 234C(3)(b) of the Financial Services and Markets Act 2000 (“the Act”)(2).
Therefore the Treasury, in exercise of the powers conferred by section 234C(2) of the Act, make the following Order.
1. This Order may be cited as the Financial Services and Markets Act 2000 (Designated Consumer Bodies) Order 2013 and comes into force on the 14th January 2014.
2. Each body listed in the Schedule is designated under section 234C(2) of the Financial Services and Markets Act 2000 for the purpose of making complaints under section 234C(1) of that Act.
Karen Bradley
Anne Milton
Two of the Lords Commissioners of Her Majesty’s Treasury
16th December 2013
Article 2
1. The National Association of Citizens Advice Bureaux
2. The Consumers’ Association
3. The General Consumer Council for Northern Ireland
4. The National Federation of Self Employed and Small Businesses
(This note is not part of the Order)
The Treasury have the power to designate any body that appears to them to represent the interests of consumers and satisfies the other criteria published by them for a designated consumer body for the purposes of submitting a complaint to the Financial Conduct Authority under section 234C of the Financial Services and Markets Act 2000. This Order designates the National Association of Citizens Advice Bureaux, the Consumers’ Association, the General Consumer Council for Northern Ireland and the National Federation of Self Employed and Small Businesses as designated consumer bodies for this purpose.
A designated consumer body may submit a complaint under section 234C of the Act where it considers that a feature, or a combination of features, of the market for financial services in the United Kingdom is seriously damaging the interests of consumers. Where such a complaint is made to the Financial Conduct Authority, it must publish a response within ninety days setting out how it proposes to deal with the complaint and in particular whether it proposes to take any action. The response must state the reasons for the proposals.
The document “Guidance for bodies seeking designation as super complainants to the Financial Conduct Authority” was published by the Treasury in March 2013 and can be found on the website www.gov.uk at: https://www.gov.uk/government/publications/guidance-for-bodies-seeking-designation-as-super-complainants-to-the-financial-conduct-authority. A hard copy of the document may be obtained by writing to the Financial Capability Team, Financial Services Group, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.
An impact assessment has not been produced for this instrument as no impact on the costs of business or the voluntary sector is foreseen.
Guidance for bodies seeking designation as super complainants to the Financial Conduct Authority, March 2013.
2000 c.8. Section 234C was inserted by section 43 of the Financial Services Act 2012 (c.21).