Topic 8 - Consumer Protection2

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  • Topic 8 - Consumer Protection
    • 8.3 Financial Ombudsman Service (FOS) Suzanne's complaint
      • 1. Contact the provider directly2. Contact the FOS3. Take the matter to court
    • 8.6 Voluntary codes of conduct
      • The Lending Code has been created by the British Bankers’ Association (BBA),Building Societies Association (BSA) and The UK Cards Association. It covers goodpractice for loans, credit cards, charge cards and current account overdrafts. Theproviders that subscribe to the Code tell their customers that they follow the codeand give them information about the service they should expect
    • 8.2 Regulators
      • 8.2.2 The Prudential Regulation Authority (PRA)
      • 8.2.1 Overview of the regulatory system
      • 8.2.3 The Financial Conduct Authority (FCA)
    • 8.1 Background to consumer protection
      • 8.1.1 The credit crunch
      • 8.1.2 Responses to the credit crunch
      • Figure 8.1 Key recommendations of the Independent Commission on Banking
    • 8.4 The Financial Services Compensation Scheme(FSCS)
      • If a provider becomes insolvent, the FSCS automatically refunds savings up to thelimit of £85,000 within 7 days. According to the FSCS website, 98% of the UKpopulation have savings of less than £85,000 and would therefore be covered in full.In the first 10 years of its operation, the FSCS has paid out more than £26 billion incompensation and helped 4.5 million people (FSCS, no date).
    • 8.5 Competition and Markets Authority (CMA)
      • UntiThe Competition and Markets Authority acquired its powers on 1 April 2014, whenit took over many of the functions of the Competition Commission and the Office ofFair Trading (OFT).The CMA is an independent, non-ministerial government department that works topromote competition between providers for the benefit of customers. The CMA’srole is to ‘make markets work well for consumers, businesses and the economy’(GOV.UK, 2017a).tled

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