Consumer Protection

Consumer Protection

12th Grade

10 Qs

quiz-placeholder

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Consumer Protection

Consumer Protection

Assessment

Quiz

Other

12th Grade

Hard

Created by

Linda Curley

Used 15+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS THE ROLE OF THE FINANCIAL CONDUCT AUTHORITY (FCA)

An independent organisation with a remit to regulate the actions of providers of financial services

An organisation appointed by the government to represent the interests of the consumer in disputes with financial service providers.

An organisation in the UK that will pay compensation to a consumer of financial services if the service provider is unable to.

Government organisation that was established to regulate all markets, including financial markets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS THE ROLE OF FINANCIAL OMBUDSMEN SERVICE (FOS)

·        Government organisation that was established to regulate all markets, including financial markets

·        An organisation in the UK that will pay compensation to a consumer of financial services if the service provider is unable to.

An organisation appointed by the government to represent the interests of the consumer in disputes with financial service providers.

An independent organisation with a remit to regulate the actions of providers of financial services

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS THE ROLE OF FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)

·        Government organisation that was established to regulate all markets, including financial markets

·        An organisation appointed by the government to represent the interests of the consumer in disputes with financial service providers.

An independent organisation with a remit to regulate the actions of providers of financial services

·        An organisation in the UK that will pay compensation to a consumer of financial services if the service provider is unable to.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS THE ROLE OF OFFICE OF FAIR TRADING (OFT)

·        An organisation in the UK that will pay compensation to a consumer of financial services if the service provider is unable to.

·        Government organisation that was established to regulate all markets, including financial markets

An independent organisation with a remit to regulate the actions of providers of financial services

·        An organisation appointed by the government to represent the interests of the consumer in disputes with financial service providers.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

FEATURE OF FINANCIAL CONDUCT AUTHORITY (FCA)

·        OFT’s aim was to encourage fair practices and healthy competition between financial institutions

Funded by membership fees charged to financial service providers

·        It is funded by compulsory fees charged to all regulated financial institutions plus additional fees when actions are taken against an institution

The FSCS e.g protects all savers in banks and building societies up to £5,000 i.e if the financial institution goes bankrupt the savings will be refunded by the FSCS

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS A FEATURE OF FINANCIAL OMBUDSMEN SERVICE (FOS)

·        It is funded by compulsory fees charged to all regulated financial institutions plus additional fees when actions are taken against an institution

Funded by membership fees charged to financial service providers

Aim was to encourage fair practices and healthy competition between financial institutions

The FSCS e.g protects all savers in banks and building societies up to £5,000 i.e if the financial institution goes bankrupt the savings will be refunded by the FSCS

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS A FEATURE OF FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)

·        It is funded by compulsory fees charged to all regulated financial institutions plus additional fees when actions are taken against an institution

Funded by membership fees charged to financial service providers

·        OFT’s aim was to encourage fair practices and healthy competition between financial institutions

Protects all savers in banks and building societies up to £5,000 i.e if the financial institution goes bankrupt the savings will be refunded by the agency

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