Communication With Customers

• What is the Financial Conduct Authority (FCA) ?


  They charge fees to the members of the financial services industry, they promote effective competition, conduct regulation and ensure relevant markets function well. They make financial decisions like buy now, pay later terms more clear.
• What is the Financial Ombudsman Service (FOS)?


  They deal with customer complains on financial matters like insurance, stocks etc. They make decisions based on the fairness of the situation and take into account the relevant laws, regulations etc to make an informed decision. They were given statutory powers in 2001 due to the Financial Services and Markets Act (2000).
• What is the Financial Services Compensation Scheme (FSCS)?


  They are there to pay compensation to you if a firm is unable to pay claims against it, they cover things like credit unions, funeral plans, insurance etc.
• What is the Consumer Credit Act (1974)?


  It sets out what creditors must do when they lend money and when they collect it. Debts like personal loans, store cards etc are covered by this act.
• What is Mobile Banking?


  It's the use of a mobile device to facilitate bank matters, for example the use of an app to transfer money over to another entity.
• What is Branch Banking?


  It's where you physically travel over to the building of the bank you intend to do something at then handling the issue, transaction or any other matter there in person. This is very secure and makes it hard for you to get scammed although it takes time to travel and plus they usually require physical documents and you have to wait in a queue to do anything.
• What is Telephone Banking?


  It's the use of a call to facilitate bank matters, it requires you to talk over the phone with a representative of the bank and handle matters that way. You have time to ask questions but you also have to wait in queue to talk.
• What is Online Banking?


  It's the use of the internet (usually a website) to facilitate bank matters. There is usually almost every option available to you to use but also requires both the internet and sometimes verification steps.
• What is Postal Banking?


  It's mailing the bank matters that need to be addressed to the bank, it doesn't require a device or internet but it's easy to accidentally lose or destroy the paper and sometimes there might be payments required to post.