- Created by: Shajith Sharan
- Created on: 26-10-18 09:44
Financial Conduct Authority (FCA)
The FCA aims to make sure that financial markets work well so consumers get a fair deal.
They ensure that organisations have customers at heart & only offer appropriate products/ services.
They ensure that consumers are treated fairly and can stop organisations breaching the rules from trading.
They ensure that the financial market is operating with integrity and honesty.
They help to promote competition within the market and will carry out investigations if they have concerns relating to a market.
Financial Ombudsmen Service (FOS)
The FOS is an organisation who a customer can contact if they have a complaint against their bank, insurer or finance firm.
The FOS was established by the Government who is free to use.
The FOS shoudl be the final part of call. They are independant and will review any complaint, taking consideration of both parties, before reaching on agreement or offering advice.
The FOS does not write the rules or fine for the breach of them, as this is the job of a regulator.
Financial Services Compensation Scheme (FSCS)
The FSCS is a UK's statutory fund of last resort for customers of financial services.
This means that the FSCS will pay compensation to customers if a firm is unable, or likely to be unable to make such payments.
This is a free service that will reach totally independent decisions when a claim is made.
- Deposits around £75,000 per person, per firm
- Investments being made around £50,000 per person, per firm
- Home Finance around £50,000 per person, per firm
Office of Fair Trading (OFT)
The Office of Fair Trading (OFT) was responsible for protecting consumers interests throughout the UK.
It was closed down in 2014 and its responsiblities have now passed to different organisations.
- The FCA (Financial Conduct Authority) now regulates consumer credit
- The CMA (Certified Management Accountant) now regulates anti - competitive market practices.
Consumer Credit Legislation
The Consumer Credit Act regulates credit card purchases but also gives you protection when you enter into a loan or hire agreement. It also gives you the right to gain hold of a cooling off period.
It sets out legislations which cover up the following down below:
- Credit agreements at a distance
- Credit cooling off periods
- Credit withdrawal rights
- Credit file rights
- Credit card purchase additional rights