The Money and Mental Health Policy Institute is seeking to further its campaign to improve the financial experiences of people with mental health problems by being granted super-complainant status.
The Treasury has revealed it has received an application from the Institute to be designated as a super-complainant to the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR).
Should the charity be granted this status it would be given the right to make a “super-complaint” to the regulators where they consider that there are features of a market that are or which may be significantly damaging the interests of consumers.
The charity told Health & Protection that while its application is not related to any specific issue, it is currently carrying out research on people with mental health problems’ experiences of buying insurance, and how to make the industry work better for consumers.
In the charity’s application letter, CEO Helen Undy explains the Institute’s main objectives are to advance understanding of mental health, financial difficulties and capability and the relationship between the two and to improve the lives of people with mental health problems, particularly in relation to their financial experiences.
It also seeks to promote the preservation of good mental health, with a particular focus on the impact of people’s financial experiences, including by carrying out research, facilitating discussion, designing and testing new approaches and disseminating the useful results of these endeavours.
Undy added that the organisation’s sole motivation in pursuing super-complaints will be “the interests of consumers and the detriment they may be suffering”.
When asked to elaborate on its super-complainant application, a spokesperson for the Institute told Health & Protection that while the application does not relate to any specific issue in particular, it is in the process of carrying out research on people with mental health problems’ experiences of buying insurance, and how to make the industry work better for consumers.
“We would seek to use this status to explore a range of concerns around the financial and mental health of consumers, with the aim of minimising the detrimental impact of products and services within regulated markets on the mental health and wellbeing of all consumers,” the spokesperson added.
“This means complaints would be made about products or services that, through our research, are found to have had caused harm or pose risks to the mental health and wellbeing of consumers.”
The Treasury is inviting views on the Institute’s application. Anyone wishing to submit views are invited to do so before midnight on Wednesday 23 November.