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National Audit Office report: Financial services: regulation, redress and advice overview 2014

Financial services: regulation, redress and advice overview 2014

This guide is designed to provide a quick and accessible overview of the financial services regulation, redress and advice bodies, using our published work. It covers: • The responsibilities 5 financial services regulation, redress and advice bodies and how they spend their money • Interaction and cooperation between the 5 bodies • Our recent findings and future challenges for the 5 bodies • Case studies on the impact of payment protection insurance mis-selling on the Financial Ombudsman Service and the financial crisis on the Financial Services Compensation Scheme

This overview gives a summary of the activities and performance of the 5 financial services regulation, redress and advice bodies. It is based on published sources, including each body’s own annual report and accounts for 2013-14 and the work of the National Audit Office (NAO).

Part One focuses on each body’s activity over the past year.

Part Two examines how the organisations interact and cooperate.

Part Three concentrates on our analyses of activity over the last year and challenges facing the individual bodies.

Part Four contains case studies: the impact that the financial crisis had on the Financial Services Compensation Scheme; and the effect that the rise of payment protection insurance (PPI) mis-selling cases had on the Financial Ombudsman Service.

 

Publication details:

Published date: February 27, 2015