The Financial Services Authority faces a formal assessment by the National Consumer Council to ensure that it is fit for purpose.
A spokeswoman for the Council says the FSA is one of a number of regulators whose performance it will rate this year.
She says that each regulator will be rated in terms of the Council’s view of what makes a successful consumer-facing regulator.
She adds: “We want to see how the regulators are doing. It is a formal piece of work.
“We will looks at who’s doing a good job and who needs to raise their game.”
Steve Brooker, the Council’s policy leader, will be managing the project, which the spokeswoman says is likely to be concluded at the end of the year, after the Council merges with its fellow consumer representation and advocacy bodies, Postwatch and energywatch.