Who polices these financial business? Find out more about the regulators.
We know that most people who want to know who the regulators are do so because they want to know who to complain to. We’re not just a pretty website we really try and pre-empt what our community needs. If you do need to complain about a financial business, we have a separate section where we cover the procedure in detail, click here to head over to it. TRDG has your back 24/7.
Getting to know the regulator...
The Financial Conduct Authority
Also known as the FCA. When you see the term FCA mentioned throughout this site, this is who we are referring to. The UK government website (www.gov.uk) describes what they do perfectly:
“The Financial Conduct Authority (FCA) regulates the financial services industry in the UK. Its role includes protecting consumers, keeping the industry stable, and promoting healthy competition between financial service providers.”
They “police” any financial companies that falls under their remit. We aren’t just talking about banks, debt collectors and car finance companies. Even insurance companies fall under their banner. The FCA regulates over 50,000 business in the UK, so their reach is quite large.
How do I know if a company is regulated by the Financial Conduct Authority (FCA)?
It’s actually very simple to find out, here’s three ways:
- Check the bottom of any letter you receive. All firms regulated by the FCA must state their Financial Conduct Authority licence number on any correspondence they send to you.
- Check the company website. Again, all firms regulated by the FCA must have the Financial Conduct Authority licence number on their website. The vast majority of the time it’s right at the bottom in small writing.
- Finally, you can check on the FCA website. We’ve saved you from trying to find the right place to go, click here to check.
Even though the Financial Conduct Authority’s role is to protect the consumer, they are not actually the place you go to if you have an issue with a company that they regulate.
The Financial Ombudsman Service
Also known as the FOS. We use this throughout the site too. The exact description from the FOS website describes them best:
“Financial dispute resolution that's fair and impartial. The Financial Ombudsman Service is a free and easy-to-use service that settles complaints between consumers and businesses that provide financial services. We resolve disputes fairly and impartially, and have the power to put things right.”
The Financial Ombudsman Service
Once you are sure that the company you want to complain about falls under the Financial Conduct Authority and have followed the correct complaints procedure (detailed in our Creditors & Debt Collectors - 8 steps to make a complaint articleThis is the organisation that you will need to engage with to get a resolution on your issue.
You can’t make a complaint with the FOS without following the correct complaints procedure, if you try to, they won’t handle your complaint until you follow the procedure.
As mentioned, they are supposed to be impartial so you should expect to have your complaint looked at without bias.
Almost all businesses are regulated
We cover debt and finance so any regulators we speak about will be related to these subjects. However, it’s good for you know that the UK is highly regulated, so any type of business you are dealing with should have a body regulating them should you ever have an issue. We will be adding to this list in the future so make sure you join our mailing list to be notified or keep checking this section regularly.