Business Consumer Protection and Customer Information

The FCA is an independent organisation with a remit to regulate the actions of providers of financial services. It is funded by membership fees charged to financial service providers. The organisation's work focuses on three key areas:

1. Authorisation - Permitting financial service providers to trade

2. Supervision - Ensuring procedures and practices are in the interest of the consumer

3. Enforcement - Using powers to ensure standards are maintained

The FOS is an organisation appointed by the government to represent the interests of the consumer in disputes with financial service providers. It is funded by compulsory fees charged to all regulated financial institutions plus additional fees when actions are taken against an institution. The FOS becomes involved in disputes only if they cannot be satisfactory sorted between the consumer and the financial institution prior to involving the FOS.

The FSCS is the organisation in the UK that will pay compensation to a consumer of financial services if the service provider is unable to. The FSCS, for example, protects all savers in banks and building societies up to £5,000 i.e. the financial institution goes bankrupt the savings will be refunded by the FSCS.

The OFT is a government organisation that was established to regulate all markets, including financial markets. The OFT's aim was to encourage fair practices and healthy competition between financial institutions. Since 2014, responsibility for financial institutions has been passed to the FCA.

These are laws passed by the UK government to enforce the regulation of any firm offering credit to consumers. Any firm offering credit, for example leasing hire purchase agreements or credit cards, must be registered with the FCA.

This is an organisation, run by charities that offers advice on a wide range of issues both financial and non-financial. Advice is offered at physical centres as well as online and via email and telephones. Financial advice covers areas including debt, benefits, banking, pensions and insurance.

+ Free Service

+ Offers face to face as well as online and telephone advice

+ Wide range of areas covered

- Trained volunteers are not necessarily professionals in financial issues and therefore knowledge may be limited

IFA's are professionals who offer independent advice to their clients on financial matters including savings, investments, mortgages and pensions.

+ Advice is offered by professionals in the field

+ Services offered are regulated by the FCA and FOS

+ Advisers will take time to understand an individual's full financial situation

- Services will be charged for

- Advice offered is not guaranteed to be 100% up to date ir unbiased

These websites collate prices for similar goods and services within an industry allowing consumers to make comparisons easily and find the best deals.

+ Easy to access 24/7

+ Free Service

- Not guaranteed to be 100% up to date, accurate or unbiased

- Do not always cover all of the available options

- Potential for bias

This is a government organisation set up to offer a free and impartial financial advice in the UK.

+ Government funded therefore advice is free and impartial

+ Covers a wide range of financial matters

- Advice is only available online or over the phone - no physical presence

- Can take time to find and understand the exact advice that is being searched for

- Advice can be generic rather than personal

This is a professional who offers independent advice on how best to manage debt.

+ Advice is offered by a professional who specialises in debt management

+ Services offered are regulated by the FCA and FOS

- Services will be charged for

- Advice will focus just on debt management rather than the whole package of financial concerns

This is a government organisation that allows an individual to declare themselves bankrupt while agreeing to pay all or part of the money they owe to creditors through an insolvency practitioner. Regular payments are made to the insolvency practitioner who then spreads this across the creditors deciding how much to pay each one.

+ Helps manage debt repayment with regular payments making budgeting easier

+ Independent advice, without bias

- Set up and handling fees are charged for the service

- Will affect future credit ratings