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The aim of the FSA is to promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal (source: www.fsa.gov.uk/pages/About/What/index.shtml), and it has four principle objectives: to promote confidence in the industry, to increase public understanding of the financial system, to protect consumers and to reduce financial crime. Companies must be authorised by the FSA in order to sell financial products and services. This includes banks, building societies, investment companies, mortgage providers, insurance firms, financial advisors and pensions sellers. They must comply with the guidelines set out by the FSA in its Handbook. Broadly speaking, the rules that financial companies must follow are to: be trustworthy and financially secure provide clear information to help you make financial decisions, such as key facts and key features of products and services give professional, competent advice have clear and straightforward procedures for making a complaint inform you about compensation methods You can find out whether a company is authorised by the FSA by using the Check Service on the FSAs website. If you have a complaint about a financial product or service you have bought, you should contact the company in the first instance. If the complaint isnt resolved to you satisfaction here, you should then contact an independent complaint scheme such as the Financial Ombudsman Service. The Ombudsman will carry out an impartial investigation into the complaint and will attempt to resolve it. You dont have to accept the Ombudsmans findings, but if you do they are legally binding on both you and the company with whom you have a complaint. If you dont agree with the findings and want to take the matter further, the next step is to take your case to court. Banks and building societies also have their own voluntary code of conduct for promoting best practice and ensuring that customers are treated fairly and reasonably. Managed by the Banking Code Standards Board, its known simply as the Banking Code and most major high street banks have signed up to it. Products and services covered by the Code include bank accounts, overdrafts, loans, credit cards and foreign exchanges. Some of the key rules to which the participating banks and building societies agree to adhere are: providing clear information on products and services and how they work ensuring that promotional material and advertising are accurate and not misleading keeping customers informed by sending regular statements and telling customers about changes to terms and conditions, charges or interest rates acting promptly and fairly to deal with complaints when things go wrong using safe and secure systems and keeping personal information confidential promoting the Banking Code and ensuring that employees understand and abide by it The Banking Code Standards Board isnt able to investigate individual complaints on behalf of consumers, but its helpdesk can provide useful information and support. If you have a grievance that youve been unable to sort out with the company concerned, you should take it to the Financial Ombudsman Service. |
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