The agreement between the regulator and the banks on how to compensate businesses for mis-sold complex loans may face a judicial review.
Campaign group Bully-Banks, which has 2000 members, has instructed law firm Slater & Gordon to prepare a petition for review, after publication of the agreement last week by the Treasury Committee.
Jeremy Roe, chairman of Bully-Banks, said there were "major concerns with the redress scheme" which the group had raised with the Financial Conduct Authority, and it had continually criticised the administration of the review process.
Fraser Whitehead of Slater & Gordon said: "All of the cases where clients are dissatisfied with the outcome of the review should be investigated by a body independent of the FCA, independent of the banks and supervised externally."
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