Consumer Protection Organisations

Question 1

What is the financial conduct authority?

Answer 1

• Independent of government. It regulates the financial services industry in the UK.
• Help to protect consumers, ensuring market integrity and promoting effective competition.
• Charges fees to members of the financial services industry.

Question 2

What is the Financial Ombudsmen Services?

Answer 2

• They help to settle disputes between consumers and UK businesses providing financial service providers.
• Funded by financial services sector through a combination of statutory levies and case fees.

Question 3

What is the Financial Services Compensation Scheme?

Answer 3

• They protect consumers when financial services firms go bust.
• If a financial services firm is unable to pay out on claims against it

Question 4

What is the Office of Fair Trading?

Answer 4

• They are responsible for protecting consumer interests throughout the UK.
• They help to make markets work well for consumers. They encourage competition between fair trading businesses and help to prevent shady trading practises between businesses.
• Funded through the tax payer.

Question 5

What is the consumer credit law?

Answer 5

• A law which regulates consumer credit and consumer hire agreements.
• Not funded by anything as its a piece of legislation.