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FSA launches ‘know your rights’ booklet

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  • 09/11/2010
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The Financial Services Authority (FSA) has launched a 'know your rights' booklet for bank and building society customers.

It aims to clarify the service standards customers can expect and to mark the first anniversary of the regulation of banking conduct.

Chris Pond, director at the FSA, said: “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.”

The booklet offers advice that a customer can use when dealing with their bank on opening accounts, moving accounts and solving problems.

It also reminds customers of their protections, including advance notification of interest rate changes; refund of unauthorised transactions and confirmation of acceptable time limits on cash transfers.

The booklet also covers many of the typical scenarios that might affect customers, but is intended to evolve over time as the text is updated.

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