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Regulation in Financial Services
Member rating: No Rating | Words: | Submitted: Tue Jun 20 2006
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5.0 Section 5 - Regulation in Financial Services C3 - Legislation relevant to the Financial Services Industry. The importance of consumer protection in the financial sector has become increasingly significant with the improving rate of technological development and government deregulation of the sector. The financial services sector is highly competitive with many differentiated products for both personal and business financial needs. Consumers are protected by law under a number of Acts of Parliament, but in addition to this more protection for financial services is provided under the Financial Services and Markets act 2000 There are a number of laws that prevent firms from misleading consumers and the penalties in doing so vary. Legislation that outlines this is as follows. Faulty Services: Supply of Goods and Services Act 1982 The Supply of Goods and Services Act 1982 requires traders to provide services to a proper standard of workmanship. Furthermore, if a definite completion date or a price has...
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