Long queue forms for complaints schemes

Cole told Good Returns that while in the long-term it might be "ideal" that only one industry-led external disputes resolution body existed, any organisation that complied with regulatory guidelines would be allowed to provide such a service.

"It could be that a number of [complaints] schemes apply and maybe they will analyse the sector later and merge," she said. "Some have told us they'd prefer only one scheme [when the regulatory regime begins]."

In two consultation papers released this week the MCA laid out its guidelines for the formation of external dispute resolution bodies and proposals for the creation of a reserve disputes resolution scheme.

Under the Financial Services Providers Act all those "providing financial services to the public", including financial advisers, will be required to belong to a disputes resolutions scheme. While the Act envisaged that industry-led bodies would form complaints schemes it also called for the creation of a reserve scheme that would act as a catch-all for cases not covered by others.