There is an alphabet soup of bodies out there all performing their own role in protecting the consumer and regulating those that give advice and supply financial products.

In broad terms the F.S.A. (Financial Services Authority) regulates Insurance and investment services, the Bank of England along with the FSA and Treasury regulate banking.  However, Banks sell and provide financial services and products and carry out activities which are regulated by the FSA.

Most consumer complaints regarding financial advice or products are handled by FOS (Financial Ombudsman Service) and if compensation is due and can not be paid by the body responsible then the FSCS (Financial Services Compensation Scheme) will become involved.

Existing Policies Investments Mortgages 

If you have concerns regarding an existing policy/product or previous advice your first step should be to speak to the firm that advised you or sold you the product.  If that is not possible or you are dissatisfied read the section on complaining and investigating.

 Taking New advice or purchasing a new financial product or service.

First check to make sure the firm/person is authorised to give advice by the regulator if they are not you will have little and probably no protection.  It is east to check using the FSA on-line Firm Check service.  Not all financial services/products are regulated, commercial loans and mortgages are not, neither are residential sales and rent back arrangements. 

None of this is of any help if the product/advice service came from an un-regulated adviser or the product financial service was unregulated. Nor will it help if the product/service /adviser was unregulated at the time of the advice.

For most consumers when considering their Mortgage, Pension, investment or insurance policies it will be the FSA who would be the regulator and the FOS that would deal with complaints.You can check our page on the steps you should take if you have grounds for concern over advice or a product here.  

It may not be as straight forward as it might first appears and their are often limits on te compensation that can be paid even if your complaint and loss is found to be valid.  

You can check to see if the firm that gave you the advice was regulated by checking the FSA web site and using their Firm Check service.

Here is a document that describes how the FSA and OFT work together.

Here is one how the OFT and FOS work together.