The Financial Services Authority (FSA) is an independent body that regulates the UK financial services industry under statutory powers given by the 'Financial Services and Markets Act 2000' which covers mortgages, bonds, investments and pensions compensation claims. The FSA board, which is appointed by the Treasury, sets overall policy, but day-to-day decisions are the responsibility of the Executive. The FSA is an open and transparent organisation which operates independent of Government and is funded entirely by the firms it regulates. The stated aim of the FSA is "to promote efficient, orderly and fair markets and to help retail consumers achieve a fair deal". Solicitors often assist individuals with applications and complaints made under FSA regulations.
The Financial Services and Markets Act 2000 also established the Financial Services and Markets Tribunal which re-considers decisions made by the FSA in cases where agreement cannot be reached with the firm or individual. The FSA rules and practices are also subject to competition scrutiny by the Director General of Fair Trading who reports to the Competition Commission if he finds that any anti-competitive effect. The Financial Services Authority sets the rules and regulations that govern solicitors compensation claims :-
The main aims of the FSA are as follows :-
The FSA achieves good regulation by :-
A mis-sold financial product is one that was not sold in accordance with the Financial Services Authority rules. These rules are intended to protect consumers of financial products and services from being misled or inadequately advised by the vendor of the product or service. The FSA has determined that mis-selling is caused by a confusing or inadequate level of communication by the selling company to the purchaser of the product or service. The responsibility for paying compensation to the consumer has therefore been placed on the point-of-sale company. Once mis-selling of a financial product or service has been proved the point of sale company must reimburse the victim to cover the losses they have suffered in order to place them back in the position they would have been had they not bought the mis sold product or service.
Our solicitors deal with compensation claims for investment bonds, mortgages and pensions. Why not get expert support to improve your chances of securing the maximum compensation you deserve using our no win no fee* service? We call upon experienced lawyers, accountants and actuaries to assist our claims team and can advise at an early stage on the prospects of recovery of compensation. If you would like free advice on our no win no fee* compensation scheme just complete and send the contact form or call the helpline and an experienced financial claims adviser will discuss your potential claim at no cost and with no further obligation.SOLICITORS HELPLINE: ☎ 0344 414 0017