The Financial Services Authority (FSA)
acts as the UK's financial watchdog. It sets out rules for most financial
services business which must be followed.
FSA authorised firms must:
- Have experienced advisers at hand
- Be trustworthy
- Provide information including key facts and key features documents to help
make your financial decisions
- Have straightforward steps that can be followed if a complaint needs to be
made
- Notify you of any compensation actions for the business they are conducting
Banks and building societies
The banking code and standards board ensures that the banks and building
societies obey the banking code. They must:
- Provide clear information of the service they provide and of any products
- Ensure that the appropriate staff are trained to deal with customers and
queries
- Explain what charges you have to pay
- Ensure that all complaints are handled understandingly
Buying with and without advice
The benefits of going to an authorised firm for advice are that you will
receive some protection. This is because an authorised firm will have to abide
by the rules as well as minimum standards which are set by the FSA. For
example, if you receive wrong advice for your circumstances there is a scheme
to resolve complaints and if needed to help put things right.
Note: it is important not to confuse or
mix up information for advice
Data protection and your rights
Before a company / organisation is allowed to hold on to any of your
personal details on their data base or file they must be registered under the
Data Protection Act.
You're entitled to complain
If you are not completely satisfied with
the service you are entitled to complain. I would advise you to first complain
to the firm that you are using for their service or product. If you see that
they have not dealt with your complaint fully then you can complain to an Independent
Complaints Scheme, for example, the Financial Ombudsman Service.
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