Honestly, I don't see there being much chance of making an approach to Trading Standards stick.
As Tim says above, the material is apparently nothing more than a treated paper; and it seems to last most people
at least two years. Certainly that's when I first started to see flakes of "black stuff" appearing on my lens - but it still functioned for a good while after this evidence started to appear, and it didn't become a "
problem", if you can call it that, until about three years in.
Now I use my 100-400mm at all sorts of focal lengths, and - as Tim observes - I almost certainly haven't diligently loosened the locking ring completely before every such zooming action, so I might well have contributed to the eventual failure of the tape; it would be hard to provide a compelling argument that two/three years isn't a "reasonable" amount of time for the component to last, given how much variation there will be in how (and how carefully) the lens is used from one owner to another. I've got a pal who has had his 100-400mm as long as I've have mine (since 2006) and his has shown no signs of this issue.
Besides, my "fix" has been perfectly functional for a couple of years now, so it's not a critical failure anyway, just a nuisance - although I might feel differently if a big piece of black tape was spreadeagled over a lens element! - and one to put down to experience.
Having said all that, I'm sure that Canon could come up with a more durable alternative to treated paper..!
