About consumer credit law


If you are given financial advice, or use a credit service to buy some goods, credit law protects your rights. The FSA (Financial Services Authority) is the UK’s regulator that protects the rights of all consumers under credit law. All companies that offer financial services must be fair and comply with all the current credit law. If they do not, you have the right to complain about their services.

Before taking any financial advice or buying goods or services with credit, you should check that the company you are buying these financial services from is registered and authorised by the FSA.  You can check their status on the FSA website. If you are in any doubt about the legal standing of a company you have contacted, query the FSA about the business before moving forward with your purchase.

Hand-in-hand with the FSA is the OFT (Office of Fair Trading). This organisation protects the interests of the public when they are dealing with credit law and the companies that sell financial products such as consumer credit. You could buy consumer credit from a number of suppliers that include: 

  • Brokers
  • Financial advisors
  • Banks
  • Building societies
  • Financial intermediaries

In all cases credit law is enforced by the OFT using the Consumer Credit Act. Also, the Banking Code and Standards Board (BCSB) police credit law when you buy from a bank or building society.

You have the right to complain if you feel that you have been given incorrect information, or have purchased a financial product that does not deliver what you had been lead to expect it would. In these cases you can complain to the FOS (Financial Ombudsman Service) or the Pensions Ombudsman if you have taken advice, or purchased a pension product.

The FOS will usually handle complaints adequately, but if you feel your case has not been satisfactory concluded, you have the option of going to court with your complaint. In these cases it is vitally important to get legal advice as soon as you can. A solicitor that has specialised knowledge of the financial services market can handle your case and give you the best chance of a successful outcome.

If you would like to obtain legal advice about credit law, Caven can put you in touch with a local specialist financial services / credit solicitor free of charge. So, if you have any questions or would like our help in finding local financial services / credit solicitors please call us on 08001 221 2299 or complete the web-form above.

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