Consumer Protection

Question 1

Financial conduct authority

Answer 1

Aim to regulate the actions of financial providers. They permit providers to trade, ensure practices are in the consumers interest and ensure maintained standards.

Question 2

Financial ombudsman service

Answer 2

Supported by government and represent the interest of the consumer and become involved in a dispute only if they can not satisfactorily sorted by consumers and financial organisation.

Question 3

Financial services compensation scheme

Answer 3

Pay compensation to a consumer if service provider is un able too. Protect all savers in banks and building society’s up to £5000

Question 4

Office of fair trading

Answer 4

Regulate all markets and encourage fair practices and healthy competition between financial institutions.

Question 5

Legislation- consumer credit

Answer 5

Laws passed by government to enforce the regulation of any firm offering credit to consumers.