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Consumer Protection

TermDefinition
Financial Ombudsman Service Help resolve disputes between individuals and financial service providers e.g. independent financial advisers, pension advisers
Financial Services Compensation Scheme Provides compensation to customers who have suffered financially as a result of the actions of a financial service provider, if the provider is unable to pay the compensation themselves
Financial Conduct Authority A body which aims to improve the workings of financial markets and ensure consumers get a fair deal.
Office of Fair Trading Ceased to exist in 2014 when responsibility for protecting consumers was passed to more specific organisations e.g. FCA
Role of Financial Ombudsman Service 1. Listen to dispute 2. Understand what has happened 3. Unbiased opinion 4. Identify if valid cause for complaint 5. Support legal action
Role of Financial Conduct Authority 1. Act as a consumer champion 2. Ensure that consumers are protected 3. Make sure there is effective competition in the financial marketplace 4. Ban certain products 5. Take products off the market
Role of the Financial services Compensation Scheme 1. This should be a last resort 2. Will pay compensation to a customer if firms are unable to 3. Free service 4. Make totally independent decisions
How much is covered by the FSCS? 1. Savings/Deposits £75 000 per person/per firm 2. Investments £50 000 per person/per firm
Consumer Credit Act 1. Regulates Credit Card purchases 2.Gives you the right to a cooling off period (typically 14 days) 3. Gives you protection when entering a loan or hire purchase agreement
Created by: durquhart1