The FOS will deal with complaints in respect to regulated products and advice. The complaint must have been made within 6 years of the event occurring or within 3 years of becoming aware of the reason to complain and not be subject to a court case. If the provider and the FOS has not dealt with the complaint made by the complainant to their satisfaction, they can take their complaint to the courts.

As a building society is a mutual organisation it is legally constrained from raising any more that 50% of it's liabilities from the wholesale money markets.

A Fact find is a detailed questionnaire that is used to establish KYC (Know your customer) in order to provide suitable advice. The questionnaire will include all personal and financial details of the client.

Life cover is essential if there are dependents. Life cover is designed to protect those left behind in the event of premature death. A young family is particularly vulnerable as they are very often reliant on one income or may have very expensive child care costs if the primary carer were to die.

Fiscal policy involves the actions taken by the government to either stimulate or calm the economy using a combination of taxation, spending and borrowing. When the government implements an inflationary budget they are trying to expand (inflate) the economy with lower taxes, borrowing and spending.

Values can be defined as standards of behaviour and what a person considers important in life and what motivates them. They are the beliefs that guide a person’s actions and the type of person they are. There are personal and cultural values that apply and may differ from each person.

In December 2001 the FSA assumed responsibility for almost all of the financial services industry through The Financial Services and Markets Act 2000 (FSMA 2000). The FSMA 2000 was implemented to enable the transfer of regulatory power to be effected as smoothly as possible to the FSA. The FSMA was implemented by Parliament and consolidated all previous Acts under one framework. The FSMA gave effect to a new regulatory regime.

The International Monetary Fund (IMF) is a global organisation with 190 member countries. It works to achieve sustainable growth and prosperity for all of its members by supporting policies that promote financial stability and monetary cooperation. The aim is to increase productivity, job creation, expand trade and economic well-being. The IMF also assists countries who need financial support by providing cheap loans in times of crisis.

Following The Retail Distribution Review (RDR) financial advisers are required to obtain and hold an annual Statement of Professional Standing as evidence that they are meeting the standards, which will be issued by an accredited body. The FCA will monitor the bodies with a list in the FCA handbook. The accredited bodies have an obligation to ensure that advisers maintain the required standards.  An accredited body is The London Institute of Banking and Finance (LIBF).

The FCA has four objectives; to remove all risk from financial markets is not one of them. The FCA cannot remove all risks, but they can protect consumers so that they can make informed decisions.