Consumer Protection

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Last updated 5:55 PM on 6/26/26
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6 Terms

1
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What is the FCA?

The Financial Conduct Authority.

2
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What does the FCA do?

Is an independent organisation that regulates the actions of providers of financial services.

3
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Who funds the FCA?

Membership fees charged to financial institutions e.g. banks etc.

4
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What does the FCA’s work focus on?

  • Authorisation - permitting financial service providers to trade.

  • Supervision - ensuring procedures and practices are in the interest of the consumer.

  • Enforcement - using powers to ensure standards are maintained or take action.

5
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What does FOS stand for?

The Financial Ombudsman Service.

6
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What does the FOS do?

An organisation appointed by the government to represent the interests of the consumer in disputes with financial services providers.