Unit 3 - B3 - Ms Powell Flashcards
What does the FCA Stand for?
Financial Conduct Authority
What does the FCA do?
The FCA regulates the conduct of financial services to providers.
What roles does the FCA partake in?
- Its role is to authorise businesses to trade, supervise their work and change poor practices through enforcement.
- 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 does the FOS stand for?
Financial Ombudsmen Service
What does the FOS do?
This is where consumers can turn if they have an unresolved complaint about the service they have received from a financial services provider.
What roles does the FOS partake in?
- The ombudsman gives advice or makes decisions based on the facts, and the service is impartial.
- The service was set up by law as an independent public body. It is not a regulator and cannot fine businesses.
What does the OFT stand for?
Office of Fair Trading
What does the OFT do?
Until April 2014 the OFT was responsible for protecting consumer interests. This part of its work is now the responsibility of the FCA
What does the CCL stand for?
Consumer Credit Legislation
What does the CCL do?
The Consumer Credit Act (1974) 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 does the FSCS stand for?
Financial Services Compensation Scheme
What does the FSCS do?
- 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. It is independent of government and the financial services industry.
