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Financial Conduct Authority (FCA)

Definition
The body that regulates and monitors the financial services industry. It is independent of the Government and the financial services industry.

Explanation
Used when talking about the organisation that regulates financial services. The Financial Conduct Authority (FCA) was established in legislation. It is funded by the financial services industry itself.

Financial Ombudsman Service (FOS)

Definition
An independent referee who can help sort out disputes between borrowers and lenders, after the complaint was reviewed by the lender before a borrower can use the service.

Explanation
The decision of the Ombudsman is usually binding on the lender but do not affect the statutory rights of consumers. They look at complaints about a wide range of financial matters – from insurance and mortgages to investments and credit.

Whilst they aim to resolve matters informally, it can take between six and nine months to achieve a resolution with some disputes. They will initially give us the chance to deal with the customer's complaint and will only become involved if subsequently required.

Fixed Repayment

Definition
A fixed-rate payment is the amount due every month by a borrower to a lender under a fixed-rate loan. The fixed-rate loan payments will be equal amounts until the loan plus interest are paid in full.

Explanation
Customers on a fixe repayment loan agreement pay the same amount every month until the loan is repaid.  The final payment may differ on occasion.  Fixed repayments often give customers the peace of mind, knowing the exact value of their expenses for the duration of the loan.

Fraud

Definition
The act of lying or deliberately deceiving – usually to make a gain, or to cause someone else to make a loss or to suffer a disadvantage.

Explanation
Used when talking about personal loan conditions.

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