Consumer Protection

Financial Services in the UK is set up and regulated to protect customers at every stage. This structure and regulation is in place to allow the customers to have confidence in the industry.

Who provides what?

Financial Services Authority (FSA)

The FSA says:

"The FSA has set out its aims under three broad headings:

  • promoting efficient orderly and fair markets;
  • helping retail consumers achieve a fair deal; and
  • improving our business capability and effectiveness "

Financial Ombudsman Service (FOS)

The FOS says:

"the independent service for settling disputes between consumers and businesses providing financial services"

Financial Services Compensation Scheme (FSCS).

The FSCS says:

"The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers"

Unregulated products

Hannah Consultancy says:

"Some advice on products is not regulated by Financial Services Authority – eg buy-to-let mortgages or general taxation advice. If you require advice in these areas we will tell you that the area is not regulated. It is important that you understand and are happy with the advice given as you will not have the added protection of FOS or FSCS when dealing with these unregulated products."