The Federation of Small Businesses (FSB) has been appointed by Government as one of four consumer “super-complainant” bodies for the financial services sector.
This means the FSB will have the power to present complaints to the Financial Conduct Authority (FCA) if it believes there are features of the financial services market that are, or could be, significantly damaging the interests of businesses.
Gordon Millward, Regional Chairman of the Federation of Small Businesses, said:
“We are delighted to take on this important responsibility.
“With ongoing issues in the financial services sector, such as the mis-selling of complex financial agreements to small firms and the allegations reported in the Tomlinson report, it is vital the smallest businesses have a route to complain where they feel they have been treated unfairly.
“FSB research has shown many members continue to believe the banks are only out to serve their own interests.
“We hope by having a clear route to voice their concerns, not only will they get a means to get redress but also that trust in the banking sector, so vital for growth, will begin to improve.
“We will now look forward to working with the FCA to put a robust mechanism for complaints in place.”