Money and Mental Health named FCA/PSR super-complainant

Here’s a quiet but important change you’ll want to teach and share. From 17 March 2026, the Money and Mental Health Policy Institute will hold new legal powers to challenge market‑wide problems in finance. A statutory instrument made on 11 February and laid on 12 February designates the charity as a ‘designated consumer body’ to the Financial Conduct Authority (FCA) and a ‘designated representative body’ to the Payment Systems Regulator (PSR). In plain English: it joins the small group allowed to lodge fast‑tracked ‘super‑complaints’ when a feature of a market is seriously harming people. The order was signed by Christian Wakeford MP and Gen Kitchen MP, two of the Lords Commissioners of His Majesty’s Treasury. They are Government Whips who formally sign Treasury orders. (thegazette.co.uk)

First, who is being empowered? Money and Mental Health is a UK research and policy charity set up to break the link between financial difficulty and mental health problems. It is registered with the Charity Commission as number 1166493 and sets out its funding and governance transparently. (register-of-charities.charitycommission.gov.uk)

What does ‘designated consumer body’ mean, and why do people call it ‘super‑complainant’ status? Under the Financial Services and Markets Act 2000 (FSMA), the Treasury can designate independent consumer groups so they can raise a market‑level complaint with the FCA. This fast‑track route is often nicknamed a super‑complaint and comes with published criteria on independence, competence and readiness to work with the regulator. (gov.uk)

Payments sit under a sister law: the Financial Services (Banking Reform) Act 2013 (FSBRA). It allows ‘designated representative bodies’ to make super‑complaints to the PSR about features of the UK payments market-think bank transfers, cards and digital wallets-that damage users’ interests. The Treasury decides who qualifies. (gov.uk)

Here’s the teaching point you can use in class: the 90‑day rule. When a designated body submits a super‑complaint, the regulator must respond within 90 calendar days, setting out what it proposes to do and why. This duty applies at the FCA (under FSMA) and at the PSR (under FSBRA). (fca.org.uk)

How does that look in practice? In 2016 the PSR received a super‑complaint from Which? about bank transfer scams and had to respond on a 90‑day clock. In 2025, Which? filed a super‑complaint to the FCA on home and travel insurance; the FCA’s December statement explained how it would expand its work and what actions were on the table. These show that a 90‑day response is a public plan with reasons, not a final verdict. (psr.org.uk)

If you’re figuring out which route applies, a good rule of thumb helps. Problems squarely about payment systems-access to bank rails, card fees, push payments-belong with the PSR. Broader financial services issues-insurance, credit, investments-generally sit with the FCA. The PSR also explains how it prioritises complaints and when it will act. What this means: you don’t send the same issue to both regulators; pick the channel that matches the market. (psr.org.uk)

A super‑complaint is not for one person’s case. It’s about a ‘feature’ of a market that harms many people: for example, confusing information that leads to bad choices, unfair contract terms spread across providers, or systemic blockers in claims handling. What this means: we move from “my problem” to “a pattern”, backing it with evidence across cases.

Want to contribute responsibly? Money and Mental Health can’t provide individual casework, but it does invite people with lived experience to join its Research Community so evidence can be gathered safely and ethically. Keep notes, anonymise documents and be specific about the harm you’re seeing; that’s the kind of material a strong super‑complaint needs. (moneyandmentalhealth.org)

What happens next. The order takes effect on 17 March 2026. Expect explainers from the charity-it already flags its new ‘super‑complainant’ powers publicly-and watch for any 90‑day timelines if and when a complaint is lodged. Teachers: this is a ready‑made case study in how law, evidence and public interest advocacy connect. (moneyandmentalhealth.org)