(B2/3) Consumer Communication and Protection

Question 1

Methods of Communicating with the Bank

Answer 1

• Branch
• Online banking
• Telephone banking
• Mobile banking
• Postal banking

Question 2

What is the Financial Conduct Authority (FCA)?

Answer 2

An independent body that supervises business and make sure consumers are provided with a wide range of products

Question 3

What is the Financial Ombudsman Service (FOS)?

Answer 3

An independent body that can help consumers with unresolved complaint against a financial service provider

Question 4

What is the advantage of the Financial Ombudsman Service?

Answer 4

It’s impartial

Question 5

What is the disadvantage of the Financial Ombudsman Service?

Answer 5

Is not a regulator and cannot fine business

Question 6

Whay is the Financial Services Compensation Scheme (FSCS)?

Answer 6

A fund that pays compensation to consumers for financial losses if a financial service is unable to play the claims against it

Question 7

What is consumer credit legislation?

Answer 7

An act that regulates credit card purchases and gives consumer protection against loan agreements