WIREDGOV

The Financial Services Authority (FSA) yesterday launched a Know Your Rights booklet for bank and building society customers, to clarify the service standards customers can expect, and to mark the first anniversary of the regulation of banking conduct.

Millions of banking transactions are successfully executed every day, but in a banking system of this size, it is inevitable that some issues will arise. However, customers sometimes feel they don’t know enough about their rights to help themselves, or to challenge what their bank is telling them.

Split into useful sections, for example: opening accounts, moving accounts and solving problems, the Know Your Rights booklet offers straightforward material that a customer can use when dealing with their bank.

In the last year, banking customers have benefited from tougher regulation in the form of the FSA’s banking conduct regime. The booklet reminds customers of their protections, including:

• Advance notification of interest rate changes
  
• Refund of unauthorised transactions
  
• Confirmation of acceptable time limits on cash transfers

The new booklet covers many of the typical scenarios that might affect customers, but is intended to be a key source of information that will grow over time as new, emerging issues are included.

Chris Pond, FSA director:

“Although millions of banking transactions are completed successfully each day, when things go wrong, the only transaction that really matters is the one that let you down.

“The Know Your Rights booklet tells customers what they need to know, what standards they are entitled to, and will be updated to keep them aware of any new issues affecting their rights.”

Notes to editors

1. The Know Your Rights booklet can be found here
2. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.