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You and your money
Regular readers will know that a Government agency, the Financial Services Authority (FSA), has been set up to regulate firms that handle your money like banks, building societies, credit unions and insurance companies.
The FSA aims to make sure they are not operating in a way that stops you from getting a fair deal.
One of the "tools" at the FSA's disposal is called "Treating Customers Fairly".
This is about much more than friendly service.
The fair treatment of consumers should shine through everything a financial firm does.
So, for instance, it should lead and train its staff properly and listen to feedback from customers.
Consumers should also be given clear and honest information before, during and after they sign up for an account or service.
Credit unions, for example, should make a point of telling their members exactly what interest they will be paying on their loan, and be open about the terms and conditions that apply.
Firms that give financial advice, such as on investments, must make sure it is suitable and takes into account each individual customer's circumstances.
And the investments should perform as the customer has been led to expect.
Finally, after selling you a financial product, firms must not make it unreasonably difficult for you to change products, switch provider, submit a claim or make a complaint.
Does your financial provider treat you fairly? One test might be whether you'd recommend them to a friend.
Fair treatment is a basic right.
It is pleasing that more quality financial providers are realising this and finding that treating customers fairly can literally pay dividends.
Tel: 318518 info@hullandeycu.co.uk www.hullandeycu.co.uk
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