Int. Security Consumer Banking (ISCM)
__________ Statutory finance regulators__________
Statutory finance regulators
Your rights with financial services
At the ISCM, we work to make sure that financial firms treat you fairly and deliver products and services that meet your needs.
These authorised companies have to meet our standards and follow our rules.
From 31 July 2023, all products and services on sale must meet our Consumer Duty rules. The Duty sets a higher standard of consumer protection in financial services.
This means you should expect:
- the support you need, when you need it
- communications you understand
- products and services that meet your needs and offer fair value
For older products that aren’t on sale anymore, the Duty rules will apply from 31 July 2024.
- information on how you’re protected
- contact details for authorised firms
Protection if something goes wrong
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. 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.
- 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
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.
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
- health problems
- big life events (such as a bereavement or relationship breakdown)
- low knowledge of financial services
- low income
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 ISCM, we focus on scams that relate to financial services, but help is out there for other types of scams as well.
ActionFraud 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.
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 to us.
Free and confidential help with money
Everyone can get free, confidential help with money.
MoneyHelper 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.