Know your rights says FSA
Customers will now find it easier to demand higher standards from the banks and building societies, thanks to a booklet from the Financial Services Authority.
Marking the first anniversary of the regulation of banking conduct, the FSA has created the Know Your Rights guide for customers to help clarify the standards they should expect.
The aim is to empower customers with more knowledge so they have the confidence to challenge what their bank is telling them. It will be regularly updated to include new issues.
Covering everything from opening and moving accounts to solving problems, the guide is designed to offer straightforward advice to help keep the banks in line.
Other information is also highlighted including advance notification of changes in interest rates, refunds of unauthorised transactions and confirmation of acceptable time limits on cash transfers.
Chris Pond, FSA director, says: "Although millions of banking transactions are completed successfully each day, when things go wrong, the only transaction that really matters is the one that let you down".
The guide can be found here.
The Financial Services Authority is an independent non-governmental body, given a wide range of rule-making, investigatory and enforcement powers in order to meet its four statutory objectives: market confidence (maintaining confidence in the UK financial system), financial stability, consumer protection and the reduction of financial crime. The FSA receives no government funding and is funded entirely by the firms it regulates, but is accountable to the Treasury and, ultimately, parliament.