HM Treasury has made the Financial Services (Designated Consumer Body and Designated Representative Body) Order 2026 (SI 2026/124), designating the Money and Mental Health Policy Institute as both an FCA ‘designated consumer body’ and a PSR ‘designated representative body’. According to the Order on legislation.gov.uk, it was made on 11 February 2026, laid before Parliament on 12 February 2026, and comes into force on 17 March 2026 across the United Kingdom; it is signed by Christian Wakeford and Gen Kitchen as two of the Lords Commissioners of His Majesty’s Treasury.
Designation under section 234C of the Financial Services and Markets Act 2000 permits the institute to submit a super‑complaint to the Financial Conduct Authority where a feature, or combination of features, of a UK market for financial services-or the market in Great Britain for claims management services-appears significantly to damage consumers’ interests. A parallel designation under section 68 of the Financial Services (Banking Reform) Act 2013 allows complaints to the Payment Systems Regulator about features of the market for services provided by payment systems that harm service‑users, a term the PSR uses to cover people, businesses and organisations that use or are likely to use those services. (psr.org.uk)
Under FSMA section 234E and FSBRA section 69, the FCA or PSR must respond within 90 calendar days of receiving a qualifying complaint, setting out how they propose to address it and whether they intend to take action, with reasons. Both regulators confirm this response timeline in their published materials. (psr.org.uk)
Overlap is restricted by statute. A designated consumer body may not bring a complaint to the FCA if it is one that could instead be taken to the PSR by a designated representative body under section 68 of FSBRA 2013. This channels payment‑system issues to the specialist regulator and avoids duplication.
HM Treasury’s criteria for designation emphasise independence, consumer representation, capability to assemble reasoned market‑level complaints, and a willingness to work with the regulator. The criteria were published for the FCA regime in March 2013 and for the PSR regime in September 2015, and remain the reference point for applicants. (gov.uk)
From 17 March 2026 the Money and Mental Health Policy Institute will be able to use the super‑complaint route for both financial services and payment systems. The Order records that no, or no significant, impact on the private or voluntary sectors is foreseen and that no impact assessment has been prepared.
Examples from previous PSR use show how the mechanism works in practice. In 2016 the consumer group Which? submitted a super‑complaint on authorised push payment scams; the PSR confirmed the 90‑day duty and outlined potential outcomes including regulatory action, use of competition powers, market reviews or referrals. (psr.org.uk)
For regulated firms and payment system participants, the immediate practical effect is a defined initial timetable and a public response. Following a super‑complaint, the regulator may consult, commence a market study or review, refer matters to another authority, or explain why it proposes no action, with reasons published within the 90‑day window. (psr.org.uk)
The designation follows an application process run by HM Treasury, which invited views on the Money and Mental Health Policy Institute’s candidacy in 2022 as part of the assessment. The Order now completes that process for both the FCA and PSR regimes. (gov.uk)
Scope and geography differ between the regimes. FCA super‑complaints cover markets for financial services across the United Kingdom and, for claims management services, markets in Great Britain; PSR super‑complaints cover markets for services provided by payment systems in the United Kingdom. The instrument extends to England and Wales, Scotland and Northern Ireland.