Your rights with financial services

Protection if something goes wrong

If you use an authorised firm, you’re much more likely to be protected if something goes wrong.

If you’re unhappy with a financial product or service, you have the right to complain[4]. In the first instance, you should ask your provider to put things right. But if you’re unhappy with their response, you can make a complaint to the Financial Ombudsman Service[5].

For example, you may want to complain if:

you're sold a product that doesn’t meet your needs
you need support but can’t contact the firm
you're charged for an extra service, but you don’t know what it is
you get information from a firm that you can’t understand, such as a letter, an insurance policy document, or information on the firm's website

What’s more, if your financial service provider goes out of business, the Financial Services Compensation Scheme (FSCS)[6] can step in to pay compensation[7].

But if you’re not sure how you’re protected, make sure you ask your provider using the contact details on the FS Register[2].

Equality and diversity

It’s illegal for a financial service provider to discriminate against you. For example, to treat you differently because of your race, sex, disability or sexuality.

If you think you’ve been treated unfairly and want advice, you can contact the Equality Advisory and Support Service helpline[8].

If you’re disabled, you may be entitled to reasonable adjustments when dealing with providers, to help you use their products or services.

For example, a provider might make changes to a bank branch to help you access it. Or they may communicate with you in a format like British Sign Language or braille.

People in vulnerable circumstances

Some people are particularly vulnerable when dealing with financial services. This could be because of:

health problems
big life events (such as a bereavement or relationship breakdown)
low knowledge of financial services
low income

These individuals may have different needs, but providers should make sure that they get outcomes as good as those experienced by other consumers.

If you feel that a provider hasn’t met this standard, you have the right to complain[4].

Reporting bad practice

If you come across a financial scam, a misleading financial advert or a financial contract that seems unfair, you can report it to us.

Scams

At the FCA, we focus on scams that relate to financial services[9], but help is out there for other types of scams as well.

ActionFraud[10] is the national reporting centre for people who’ve been scammed, defrauded or been victims of cyber crime.

Misleading financial adverts

All financial adverts and promotions must be fair, clear and not misleading. The Consumer Duty strengthens these standards by saying that you should receive communications you understand.

If you see an advert that you think is misleading, you should report it to us[11].

Unfair or unclear contract terms

As with promotions, financial firms must always provide contracts that are clear and fair. They can’t enforce terms on you that aren’t.

Find out how to spot and report an unfair contract term[12] to us.

Free and confidential help with money

Everyone can get free, confidential help with money.

MoneyHelper[13] is a government-backed service that gives guidance on a range of money matters. The team can also help you access free advice on money worries as well as pensions.

Your rights with financial services

Your rights as a consumer are protected by law. Find out what to expect from your providers, and where you can go if something goes wrong.

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