Week 4: Regulation and consumer protection
The focus of this final week of Managing my financial journey is on how regulation works and how it is intended to protect the consumer – by ensuring the financial solidity of financial firms and by requiring firms to have procedures in place to ensure that product sales are conducted properly.
In the event that things still go wrong, the regulatory environment has additional safety nets, including a complaints system (Financial Ombudsman) and a compensation system (Financial Services Compensation Scheme).
You will also look at the work that advisory organisations, like the Money Advice Service (MAS) and Citizens Advice, undertake to help the public when it comes to financial management and guidance on financial products.
You will finish the week, and the course, with an extended test to assess your knowledge across each of the weeks of Managing my financial journey.
This course is presented with the kind support of True Potential LLP.
(True Potential PUFin) is a pioneering Centre of Excellence for research in the development of personal financial capabilities. The establishment and activities of True Potential PUFin have been made possible thanks to the generous support of True Potential LLP, which has committed to a five-year programme of financial support for the Centre totalling £1.4 million.