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BTEC Business - LAB - Consumer Protection questions and answers.

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BTEC Business - LAB - Consumer Protection questions and answers.

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BTEC Business - LAB -
Consumer Protection
questions and answers
What is the Financial Conduct Authority (FCA)? - answer An independent
organisation with a remit to regulate actions of providers of financial
services


They are funded by membership fees charged to financial services
providers


What 3 things does the FCA do? - answer Authorisation - permit service
provides to trade


Supervision - ensure procedures & practices are in interest of consumers


Enforce - use powers to ensure standards are maintained


What is the Financial Ombudsmen Service (FOS)? - answer Govt. appointed
organisation to represent interest of consumer in disputes with financial
service providers


Funded by fees charged to regulated financial services institution &
additional fees when actions are taken against institution


What is the Financial Services Compensation Scheme (FSCS)? - answer
Organisation in the UK that pays compensation to a consumer of financial
services if provider is unable to


What is the Office of Fair Trading (OFT)? - answer Govt. organisation to
regulate all markets including financial markets

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