Organisations connected to personal finance

Question 1

Name Organisations connected to personal finance

Answer 1

• Financial Conduct Authority (FCA)
• Financial Ombudsman Service
• Financial services compensation scheme (FSCS)

Question 2

What is the role of the Financial Conduct Authority?

Answer 2

It regulates the financial services industry in the UK. This means it protects consumers and provides access to financial services they need.

Question 3

What is the role of the Financial Ombudsman Service?

Answer 3

They act as an independent advisor. This is because they manage and deal with complaints between consumers and financial service providers.

Question 4

What does financial service compensation scheme protected you against?

Answer 4

Protects individuals if bank/ firm goes bust

Question 5

What is the role of the Financial Compensation scheme?

Answer 5

It is independent of the government and the financial services industry.
Cover claims against businesses authorised by the FCA.

Question 6

Consumer credit legislation

Answer 6

Consumer Credit Act 1974- regulates credit card purchases and gives consumers protection when signing loan and hire purchases agreements

Question 7

Office of Fair Trading (OFT)

Answer 7

Until April 2017, the OFT was responsible for protecting consumer interests. This is part of its work is now the responsibility of the FCA.