The Financial Conduct Authority (FCA) is the UK's financial regulator. It regulates tens of thousands of financial firms and sets the rules they must follow. Its guidance is publicly available and directly relevant to UK consumers.
General information only. Not legal or financial advice. AskFin is not a claims management company.
What the FCA does
The FCA authorises financial firms, sets rules for how they must treat customers, investigates complaints and concerns, takes enforcement action against firms that break the rules, and publishes guidance for consumers and firms.
The FCA does not handle individual consumer complaints — that is the role of the Financial Ombudsman Service. But the FCA does take action against firms where it identifies widespread issues that affect consumers.
The Consumer Duty
The FCA's Consumer Duty, introduced in July 2023, requires firms to act to deliver good outcomes for retail customers. This means products must be suitable, communications must be clear and fair, and support must be accessible.
The Consumer Duty is a significant strengthening of consumer protection in financial services. Firms that do not meet its standards are in breach of FCA rules and may face enforcement action.
FCA guidance on car finance
The FCA has been reviewing how commission arrangements in car finance were structured and disclosed. It has published consumer-facing guidance on this topic at fca.org.uk. This is the most reliable and unbiased source of information on the subject.
FCA guidance on claims management companies
The FCA also regulates claims management companies and has published guidance on what they are required to do — including telling consumers that they can complain for free. This guidance is at fca.org.uk/consumers/claims-management-companies.
How to use FCA guidance
The FCA website at fca.org.uk has a dedicated consumer section. Use the search function to find guidance relevant to your specific type of product or complaint. The FCA also publishes a consumer helpline at 0800 111 6768.
Reading FCA guidance vs relying on commercial summaries
Many commercial websites — including those operated by claims management companies — summarise FCA guidance. However, these summaries may be selective or presented in ways that serve a commercial interest. Reading the FCA's own materials directly is always more reliable.
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AskFin is not a claims management company. This guide is general educational information only.