The role of the regulatory bodies in the UK Financial dealings is very important. We cannot neglect their role in UK Finance. There are many regulatory bodies for UK Finance and Auditing. Some of them are mentioned here.
A non-governmental independent organization called the Financial Services Authority (FSA) is available in the UK. This UK Finance company is funded by the financial services industry. The policies, plans, and rules of the UK Finance company are transparent and open. It is funded by the companies that it regulates. The website of this organization has information for consumers on their rights and regulation. It also gives information on the financial products available. The financial services industry in the UK is regulated by FSA. They have enforcement powers and investigative powers. They have the power to regulate deposit taking, Insurance investments, and Mortgage lending and general insurance advice.
Financial Ombudsman Service is another organization the helps the customers to solve any UK Finance disputes with the financial firms in UK. Complaints about Banking services, credits cards, endowment policies, health and private medical insurance, mortgages, motor insurance, and National Savings & Investments can be done with the assistance of Financial Ombudsman Service. They also help you on complaints about savings plan and accounts, stocks and shares, and travel insurance. For more details on the types of coverage that is done by them you can visit their website. Before you approach them for resolving the issues it is better you complaint to the concerned organization first. If the problem is not solved by the organization then you can approach the Financial Ombudsman Service for assistance.
The public trust office is another regulatory body related to UK Finance that helps people to control their money and property. The audit commission is another independent regulatory body that is responsible for monitoring whether the public money is spent economically and efficiently. Effective spending is monitored in government services, housing and health services. Fire and rescue services and criminal justice services are also monitored for spending of the UK Finance. The audit commission works closely with the Deputy Prime Minister