Personal Accounts – Where To Find Advice

Visit any high street bank, and you can expect to find a customer advisor to help answer any questions you may have – as well as giving you a sheaf of shiny leaflets to read. (Obviously, they will give you information on their own products and services – only the Co-operative Bank currently offers an independent advice service) Nevertheless, your bank manager or account advisor should be able to give you advice on your personal account, and may be able to suggest ways to improve your financial arrangements. Remember that you are the customer, and the bank is providing the service – it shouldn’t be an intimidating experience visiting your bank.

If you want advice that’s totally objective, you may want to consider consulting an Independent Financial Advisor, though you will have to pay for their services. Call IFA Promotion on: 0800 085 3250 for details of local advisors.

The FSA (Financial Services Authority) was set up by the government to provide advice and protection for consumers. Their website: www.fsa.gov.uk , has basic information, tools and resources that you may find a useful starting point. They offer a financial ‘healthcheck’, and details of how to deal with problems with your bank or finances. They also post updates of warnings on scams or fraud – check here if you’re unsure of the legitimacy of a scheme. As a government body, they regulate financial services and institutions to make sure the rights of the consumer are protected.

If you have a complaint about your bank, speak to them first. All banks should have a clear procedure for dealing with complaints. If the matter has not been dealt with to your satisfaction, you can contact the Financial Ombudsman service. It’s free to consumers, even if they do not find evidence of any wrongdoing on the part of the bank, and is an impartial body that works with the FSA. Call their helpline on 0845 080 1800 for queries about disputes. The ombudsman can instigate an objective investigation, and if they find in your favour will direct the bank accordingly.

The Citizens Advice Bureau provides free and impartial advice to people in the UK. They run over 3,000 branches throughout the country – check your yellow pages for the nearest one to you. They also publish an online guide, which covers things like debt, benefits and mortgages: www.adviceguide.org.uk

For general advice, check ‘Which’ magazine or online articles - the Consumer’s Association started ‘Which’ to ensure consumers were well informed and aware of their choices when buying products and services.