Flashcards in Consumer Protection Organisations Deck (5):
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.
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.
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
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.