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
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
