Financial Institutions

Question 1

FCA - Financial Conduct Authority

Answer 1

Monitor integrity of financial companies. Makes sure businesses aren’t taking advantages of customers.

Question 2

FOS - Financial Ombudsmen Service

Answer 2

Settle complaints or listens to disputes. Offers an unbiased opinion, support legal action. This service is free and fair for everyone.

Question 3

FSCS - Financial Services Compensation Scheme

Answer 3

Provides Compensation to customers that have suffered a loss. Usually used as a last resort. Covers banks, pensions, insurance and mortgages.

Question 4

Citizens Advice

Answer 4

Offers advice on all legal areas including finances. Free and impartial. Can offer support for those who are vulnerable. They will challenge organizations against unlawful fees.

Question 5

IFA - Independent Financial Advisor

Answer 5

This is a paid service that gives independent, unbiased opinions. Usually used long term and frequent times. Offer both face to face and video call meetings. Available for everyone.

Question 6

MAS - Money Advice Services

Answer 6

Government organization similar to an IFA. This is a free service however lower quality.

Question 7

Debt Councilors

Answer 7

These allow people to get sympathy and can allow people to talk and get issues off their chests. Supports vulnerable people.