B3 Consumer protection in relation to personal finance Flashcards
1
Q
what is a financial conduct authority (FCA)?
A
the FCA is a body which aims to improve the working of financial markets and ensures consumers get a fair deal.
2
Q
what can the FCA do?
A
oversee the design of financial products
ban certain products
change misleading promotions
3
Q
what is a financial ombudsmen service (FOS)?
A
set up by parliment, this organisation can intrevene to help resolve disputes between individuals and financial service providers
4
Q
what the FOS do?
A
listens to disputes understand what has happened unniased opinion identify if a valid cause for complaint support legal action
5
Q
what is a financial services competition scheme (FSCS)?
A
provides compensation to customers who have suffered financially as a result of the actions of a financial service provider
