The Treasury is seeking to clarify the roles of the FSA and Financial Ombudsman Service (FOS).

It will sponsor a new consultation into how complaints with "wider regulatory implications" should be handled.

The consultation comes as part of the two-year review of the Financial Services and Markets Act.

It will review the circumstances in which the FSA takes regulatory action in cases that address wider issues or issues where consumer interests could be damaged.

The consultation will also examine whether FOS decisions should be subject to appeal in certain circumstances.

The FSA retail markets managing director Clive Briault said: "In particular we want to set out more clearly - for both firms and consumers - how and when the FSA will deal with such cases through the use of our regulatory powers."

The FOS chief ombudsman Walter Merricks said: "Our discussion with stakeholders identified that consumer and industry groups wanted more discussion and input on decisions that will have a wider impact."

The ABI head of financial regulation and taxation Peter Vipond said that the mechanisms currently in place to review key cases lacked "both transparency and robustness".

"There should be a means for reviewing FOS rulings which effectively set precedents for the whole industry," Vipond said.