Topics of interest - Top ten tips for consumers
The financial services market is complex and choosing the products that best suit your needs can be difficult. Here are the FSA's top ten tips that could help:
Top tips for Consumers
- Shop around – compare the features of products, not just the price or charges, before you buy
- Read the 'Key facts' document before you buy.
- Don't sign on the dotted line if there is anything you don't understand – keep asking questions until you are satisfied
- Higher returns usually mean higher risks, particularly in a world of low inflation – don't invest money in risky products if you can't afford to lose it.
- Don't put all your eggs in one basket – it's better to spread your savings and investments
- Don't forget – if you don't take advice, you can't complain if your decision turns out to be the wrong one
- If in doubt, seek advice from an authorised financial adviser
- Always check that the firm or adviser you are dealing with is authorised by the FSA. If not, you may not have access to the complaints and compensation schemes.
- If you are unhappy with the way you have been treated by an authorised firm, you have the right to complain to the firm and, if you are not satisfied, to the independent Financial Ombudsman Service - and it won't cost you anything.
- And finally…if something sounds too good to be true, it probably is.