UK Financial Regulators: Complain to the FCA & Financial Ombudsman
We know that most people who want to know who the regulators are do so because they want to know who to complain to. We’re not just a pretty website; we really try to pre-empt what our community needs. If you do need to complain about a financial business, we have a separate section where we cover the procedure in detail. Click here to head over to it. TRDG has your back.
Who Polices Financial Businesses in the UK?
Have you ever wondered who keeps financial businesses in line in the UK? It's the regulatory bodies that ensure these companies operate fairly and protect consumers. Think of them like referees in a game—ensuring everyone plays by the rules. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) are the two main players. Together, they watch over everything from how businesses treat their customers to ensuring financial institutions stay safe and sound. Their work is crucial for building trust in the UK's financial system.
The regulator you need to know is the Financial Conduct Authority...
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The Financial Conduct Authority (FCA): Protecting Consumers
Also known as the FCA. When you see the term FCA mentioned throughout this site, this is who we are referring to. The UK government website (www.gov.uk) describes what they do perfectly:
“The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.”
Gov.uk
They “police” any financial company that falls under their remit. We aren’t just talking about banks, debt collectors, and car finance companies. Even insurance companies fall under their banner. The FCA regulates over 50,000 businesses in the UK, so its reach is quite large.
How to Know if a Company is FCA Regulated
It’s very simple to find out, here’s three ways:
- Check the bottom of any letter you receive. All firms regulated by the FCA must state their Financial Conduct Authority licence number on any correspondence they send to you.
- Check the company website. Again, all firms regulated by the FCA must have the Financial Conduct Authority licence number on their website. Most of the time, it’s right at the bottom in small writing.
- Finally, you can check on the FCA website. We’ve saved you from trying to find the right place to go. Click here to check.
Even though the Financial Conduct Authority’s role is to protect the consumer, it is not the place to go if you have an issue with a company it regulates.
The Financial Ombudsman Service (FOS): Fair Dispute Resolution
Also known as the FOS. We use this throughout the site too. The exact description from the FOS website describes them best:
“Financial dispute resolution that's fair and impartial. The Financial Ombudsman Service is a free and easy-to-use service that settles complaints between consumers and businesses that provide financial services. We resolve disputes fairly and impartially, and have the power to put things right.”
The Financial Ombudsman Service
Once you are sure that the company you want to complain about falls under the Financial Conduct Authority and that you have followed the correct complaints procedure (detailed in our Creditors & Debt Collectors—8 steps to make a complaint article), you will need to engage with this organisation to resolve your issue.
You can’t file a complaint with the FOS without following the correct complaints procedure. If you try to file a complaint, they won’t handle it until you follow the procedure.
As mentioned, they are supposed to be impartial, so you should expect to have your complaint looked at without bias.
UK Regulators: It’s All About Debt and Finance
We cover debt and finance, so any regulators we discuss will relate to these subjects. However, it’s good to know that the UK is highly regulated, so any type of business you deal with should have a body regulating it should you ever have an issue. We will be adding to this list in the future, so make sure you join our mailing list to be notified or keep checking this section regularly.
