Consumer Protection Flashcards
What is the role of the financial conduct authority (FCA)?
The FCA regulates the conduct of financial service providers
-its role is to authorise businesses to trade ,supervise their work and change poor practice through enforcement
-also responsible for making sure that consumers are provided with a wide range of products and services
-the FCA is an independent body funded by the organisations it regulates and accountable to parliament
What is the role of the financial ombudsman service (FOS) ?
This is where consumers can turn to of they have an unresolved complaint about the service they have received from a financial service provider
-the ombudsman gives advice or makes decisions based on the facts and the service is impartial
-the service was set up by the law as an independent public body its is not a regulator and cannot fine businesses
What is the role of the financial services compensation scheme (FSCS) ?
-this fund can pay compensation to consumers for financial loss if a financial services business is unable to pay claims against it
-the FSCS covers claims against businesses authorised by the FCA . Its independent of the government and the financial services industry
What is the role of the consumer credit legislation ?
The consumer credit act regulates credit card purchases and gives consumers protection when signing loan and hire purchase agreements
-it covers interest rates , credit limits , cooling off periods and access to credit files
What was the role of the office of fair trading (OFT) ?
Until April 2014 , the OFT was responsible for protecting consumer interests . This part of their work is not the responsibility of the FCA
