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BTEC Business - Finance > Consumer Protection Organisations > Flashcards

Flashcards in Consumer Protection Organisations Deck (5):
1

What is the financial conduct authority?

- 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.

2

What is the Financial Ombudsmen Services?

- 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.

3

What is the Financial Services Compensation Scheme?

- They protect consumers when financial services firms go bust.

- If a financial services firm is unable to pay out on claims against it

4

What is the Office of Fair Trading?

- 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.

5

What is the consumer credit law?

- A law which regulates consumer credit and consumer hire agreements.

- Not funded by anything as its a piece of legislation.