B3

Question 1

What is financial conduct authority and what do they do?

Answer 1

The FCA is a body which aims to improve the working of financial markets and ensure consumers get a fair deal. And they authorise financial service providers to trade (and ban them).

Question 2

What is the financial ombudsman service?

Answer 2

Set up by the government to help resolve disputes between customers and financial service providers eg. Banks

Question 3

What is financial compensation scheme?

Answer 3

Set up by the uk government to compensate customers of financial service businesses that have gone bankrupt.

Question 4

What is office of fair trading (OFT) ?

Answer 4

Was set up by the UK government to ensure competition in all markets and fair treatment of costumers

Question 5

What is legislation- consumer credit ?

Answer 5

The consumer credit act 1974 regulates credit card purchase agreements

Question 6

Surgery three reasons someone would seek financial advice ?

Answer 6

-investment planning
-debt management
-tax optimisation