My Advice Gateway
FINANCIAL REGULATION

The Prudential Regulation Authority (PRA)  is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major investment firms. 

The Financial Conduct Authority (FCA) is a regulatory body in the United Kingdom that regulates the conduct of financial firms providing services to consumers including the regulation of consumer credit and maintains the integrity of the UK’s financial markets. Their Consumer Helpline offers impartial information and general guidance.

The Financial Ombudsman Service (FOS) is a free service setup by parliament to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies, investment firms, financial advisers and finance companies.

The Financial Services Compensation Scheme (FSCS) is the UK’s statutory compensation scheme for customers of authorised financial services firms.

The Money Advice Service, is an independant organisation whose objective is to enhance the understanding and knowledge of members of the public of financial matters (including the UK financial system). The service offers free advice to enable members of the public to manage their own financial affairs and to make the right financial decision. 

FOUNDER SPONSOR - LHS
FOUNDER SPONSOR - LHS

LHS provides a complete range of web-based housing option services to more than 60 local authorities and hundreds of housing associations across the UK.

BANKING GUARANTEE

All cash in UK-regulated banks, building societies and credit unions is covered by the Government-backed Financial Services Compensation Scheme (FSCS).

Under FSCS rules, if your provider goes bust, you currently get up to £75,000 per person, per financial institution within seven days (£170,000 for joint accounts).

Click here for further information from the FCA.

DIFFERENT TYPES OF BANK
There are a number of different types of bank, and many banks incorporate several functions at the same time. Here we set out definitions of some of the most common types of bank including the useful key technical terms and explanations of the main variations between different types of bank. More ...
BASIC BANK ACCOUNTS
A Basic Bank Account allows you to manage day-to-day money and will usually provide you with a bank card but will not let you become overdrawn. Your wages and benefits can be payed directly into it, and bills can be payed direct from your account. More ...
CURRENT ACCOUNTS
A Current Account helps you manage money going in and out on a day-to-day basis. This type of account usually offers an overdraft facility but will charge severe penalties if you fail to repay what you borrow, or go over your agreed overdraft allowance. More ...
OPENING A BANK ACCOUNT
Opening an account with a bank or building society is a relatively simple process, but you will usually be asked for proof of identity and proof of residence. You will also have to fill out an application form, and in some cases pay an amount of money into your new account. More ...
MANAGING YOUR BANK ACCOUNT
When you open a new bank account, your bank or building society will give you information and details about how best to manage your finances. Most accounts will send you monthly, quarterly or yearly statements by post so you can keep track of the payments in and out of your account. More ...
SWITCHING YOUR CURRENT ACCOUNT
Banks and building societies are actively competing to attract new customers with a range of incentives. Whether you have a big bank balance or an over-stretched overdraft, you may be able to make money by moving your current account. More ...
PAYING MONEY IN
All accounts will allow you to pay in cash and cheques that are made payable to you. Most will also be able to take electronic payments and automated transfers. Your account can also receive your salary or benefit payments through an automated transfer system known as "Bacs". More ...
PAYING MONEY OUT
There are many ways to pay money out of your bank account - you can pay your regular bills by direct transfer or by cheque, you can use a bank card for purchases in shops or online and for withdrawing cash from cash machines. More ...
OVERDRAFTS
An overdraft is a way of borrowing money on your current account, your bank or building society can allow you to cover short-term cash-flow problems when there is no money in your account. You should always try and avoid going over your agreed overdraft, as the resulting penalty charges can cost you a lot of money. More ...
BANKING CARDS
Banking Cards allow you to pay for goods and services and withdraw money with ease. There are a number of different types of card available, each with various features designed to be used in different ways. More ...
FOREIGN CURRENCY
There are many options to choose from when buying and using foreign currency abroad and it is important to obtain the best available rate with the minimum commission and additional charges. More ...
INTERNATIONAL MONEY TRANSFER
There are several ways to send money overseas including banks, money transfer firms and foreign exchange brokers. Cost and safety are important factors to take into account. More ...
BANKING SECURITY
There are a number of simple steps you can take to prevent criminals getting the information they need to steal money from you or use your identity to access your accounts. More ...
IDENTITY THEFT & FRAUD
Identity theft is when your personal details are stolen and identity fraud is when some or all those details are used to commit fraud such as opening a bank account or obtaining a credit card. More ...
THE FINANCIAL SERVICES COMPENSATION SCHEME
The Financial Services Compensation Scheme can pay out compensation if you end up out of pocket because your bank/financial services provider goes bust or if you lose money because of poor advice from a financial adviser who has since gone out of business. More ...
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