Financial Rights – Helping You Know Your Rights For Financial Products

It is very important to be aware of your rights when dealing with any kind of financial product or service. The actual rights you are entitled to will vary according to the product, but to make the most of them you will need to be aware of them in advance, as it may effect the decisions you make. Don’t wait until there is a problem to find out what your rights are!

In most case, your rights are stronger if you have taken advice before you make a commitment than if you did not. If you are negligently or fraudulently advised, you have some recourse to protection. If you did not take advice, then the responsibility is yours. If in doubt, take advice.

In general terms, you have a right to expect:

  • The firm to be financially sound and trustworthy
  • Advisors and salespeople who are competent and knowledgeable
  • Correct information on which to base your decision
  • A clear complaints procedure
  • Compensation if something goes wrong outside the normal risks of the product

In terms of specific products, the rights you are entitled to vary.

Banks and Saving Accounts

The FSA ensures that banks and building societies are financially sound. Banks and building societies abide by a voluntary banking code, which sets out standards for ensuring you get the information you need to make an informed decision and that you are treated fairly. They must help you if you wish to make a complaint by having internal procedures in place, and letting you know what they are. They must also belong to the Financial Ombudsman Service.

Loans and Credit

Moneylenders such as bank and insurance companies are regulated by the FSA, who make sure they are sound and trustworthy. Other companies (such as loan companies) have to be licensed by the Office of Fair Trading. The Consumer Credit Act of 1974 ensures you have access to certain information. Loans from banks and building societies are covered by the voluntary banking code, which includes procedures for making a complaint.

There are other lenders who may not be covered by any regulation. If you have a complaint against one of these companies, you can contact your local Trading Standards Office, but your rights are much reduced.

If you buy goods or services worth more than 100 pounds using your credit card, the credit card company is jointly liable, along with the supplier, if the goods turn out to be faulty. They have a joint responsibility to put matters right.

Insurance

Insurance companies are all regulated by the FSA. However, general insurance advisors need not have any particular license or training. Many, however, choose to subscribe to the General Insurance Standards Council (GISC), and you may prefer only to deal with GISC members. They have agreed to abide by the GISC General Insurance Code for Private Customers, which includes formal procedures for making a complaint.

Should an insurance company be unable to meet its commitments, then you may be covered by the Financial Services Compensation Scheme.

Life insurance policies, investments and personal pensions are all covered by the Financial Services and Markets Act, which ensures that all companies are trustworthy and competent. They must also have formal complaints procedures, give you suitable advice, and provide you with certain key information, both before and after you buy.

Mortgages

Nearly all mortgage lenders subscribe to a voluntary code, as described in more detail by The Mortgage Code Compliance Board, which also has a list of lenders who subscribe. This includes formal complaints procedures, and regulations ensuring you are being treated fairly and have the information you require to make informed decisions.

Lenders who abide by this code have agreed to only take customers from advisors who also abide by the code.

Pensions

As has been famously covered in the media of late, pensions are a complex area and are not always the risk-free product they used to be. The decision as to what kind of pension to subscribe to is probably the most crucial financial decision you will make in your life.

The FSA publishes a whole series of guides to pension issues, which provide useful information on how to choose and maintain your pension effectively.

Auto Insurance Company – Free Online Car Insurance Company

Today it is very easy to find an auto insurance company free online car insurance quote. In fact, just about every company today offers these quotes online, in order to help you to find out whether not their the right company for you. So what is the best company for you? If it was this easy to determine this, everybody would go the same company.

The truth is, the best car insurance company will vary from person to person, depending on their personal situation. For instance, some companies might offer discounts for good driving records, even good grades, etc. It all depends on you and your situation. One company might be cheaper for your neighbor and may actually be more expensive for you.

So what are some for things to look for an auto insurance company? First of all, this is an obvious one, but it still is one of the central points: the price. The price of a policy will go a long ways to determining which is the right company for you is.

Of course, price certainly isn’t the only factor. Customer service is extremely important as well.

Quite simply, the insurance company industry, for better or worse, has developed the reputation of poor customer service. Many people report nightmare experience of having to wait hours before they get to talk with a representative.

Therefore, always make sure that the customer service is good before going with a particular company. Quite simply, some companies don’t have nearly the amount of current experience the other companies do. Therefore, it is imperative to look at the experience factor when deciding the right insurance company for you.

So how do you find out this information? Again, as with just about any information you want to find out in today’s world, the Internet has an abundance of info; by simply doing a quick Google search you will find literally millions of results to help you find out the right auto insurance company for you. Hopefully is important information help you quickly and easily find the right car insurance company for you with your individual situation.

Cheap Car Insurance Quote

If you are seeking a cheap car insurance quote there are recognized steps to take that will result in you obtaining the cheapest car insurance quote possible for your car and your circumstances. Many people honestly believe that auto insurance companies are doing their best to provide them with the cheapest quote they can, and trust them to do so. They are both right and wrong.

A company will provide you with a cheap quote if it is liable to make them money. That is the purpose of any company: to make money. They are not philanthropists and like any other company are in existence only to make money. If they feel that they can make more than the average quota of money from your premium then they will offer you a bit back.

Therefore, if you hear of somebody who has found a fantastically cheaper car insurance quote than you have been offered, then that is because their circumstances are different to yours. So what could be different? Perhaps they have never made a claim from previous policies. Perhaps their car is older than yours and they have declined collision and comprehensive cover. Perhaps their company have an agreement with the insurance company they deal with for their car fleet for cheap auto insurance quotes for employees. Perhaps . . .

There are so many perhaps’s that you are probably best to ignore the deals other people get and concentrate solely on what you can get. You should listen to their experiences with various ins companies, such as their willingness to pay out on claims or their speed in providing a courtesy car in the event of yours being damaged, but pay no attention to what they pay because their circumstances are different.

So what affects whether or not you can get the cheapest quote going? What are these circumstances that can make so much difference to whether or not you get a cheaper policy than the next guy or gal? They are basically common sense, and if you can’t work it out for yourself then you probably don’t deserve a cheap car insurance quote.

Do you have all the car safety features fitted in your car? Stuff like air bags, not only for you but for your front and rear passengers? Are their also air bags on the sides of the doors to protect you from side collisions? Do you have ABS braking that doesn’t lock when you hit the brakes, or a burglar alarm and window etching with your number plates? If so you can likely get your quote reduced.

Never accept the first quote given – that is Rule Number One in the book of cheap insurance seeker’s rules. Compare cheap car insurance and keep something up your sleeve, even if it costs you. If you agree to pay $500 deductible your premium cost will be reduced, but don’t tell them that till after your initial quote, or it will likely just be the same as if you didn’t mention it. $500 might seem a lot, but that’s your estimate of what you can afford to pay calculated against the likelihood of you having to pay it.

There are lots of other variables that you can use to reduce your premium such as dropping the collision cover and going third party, or simply that you are willing to switch your other insurances to the same company, such as house and travel insurance for example. How about simply buying it online: most companies offer a discount if you purchase your auto insurance online.

Whatever way you achieve it, a cheap car insurance quote should be easy to get if you know the right steps to take. Ins companies will give you a serious discount if they believe that you are less likely to make a large claim than the next guy.