Consumer Protection in Personal Finance

What is the primary function of the Financial Conduct Authority (FCA)?

• To provide financial advice to consumers

• To regulate financial markets and firms

• To offer compensation to consumers for financial losses

• To resolve disputes between consumers and financial firms

Which of the following is a responsibility of the Financial Ombudsman Service (FOS)?

• To regulate financial firms

• To provide financial education to the public

• To resolve disputes between consumers and financial firms

• To offer insurance to financial institutions

What does the Financial Services Compensation Scheme (FSCS) do?

• It provides loans to small businesses

• It compensates consumers if financial firms fail

• It regulates the stock market

• It offers financial advice to consumers

Which legislation governs consumer credit in Great Britain?

• The Consumer Rights Act 2015

• The Data Protection Act 2018

• The Consumer Credit Act 1974

• The Financial Services Act 2012

What is one of the roles of the Financial Conduct Authority (FCA)?

• To provide grants to financial institutions

• To ensure that financial markets are honest, fair, and effective

• To offer legal advice to consumers

• To manage the national budget

How does the Financial Ombudsman Service (FOS) help consumers?

• By providing investment opportunities

• By resolving complaints about financial services

• By offering free legal representation

• By setting interest rates

What is the maximum amount the Financial Services Compensation Scheme (FSCS) can compensate for deposits?

• £50,000

• £85,000

• £100,000

• £150,000

Which of the following is NOT a responsibility of the Financial Conduct Authority (FCA)?

• Protecting consumers

• Promoting competition

• Providing financial advice

• Enhancing market integrity

What type of complaints does the Financial Ombudsman Service (FOS) handle?

• Complaints about public services

• Complaints about financial products and services

• Complaints about healthcare services

• Complaints about educational institutions

Which of the following is covered by the Financial Services Compensation Scheme (FSCS)?

• Losses from gambling

• Losses from failed financial firms

• Losses from property damage

• Losses from personal injury