A firm selling financial products and services has to follow certain rules and standards laid down by its financial regulator. These are designed to protect consumer rights. If they don’t follow the rules, you can complain about them. Your rights are especially protected if you’ve taken financial advice.

The FSA is the UK's financial watchdog set up by the government to help regulate financial services in the UK and to protect the rights of consumers. It sets out rules that most financial services businesses must follow.

Firms that are authorised by the FSA must:

• Be financially sound and trustworthy
• Provide competent advisers
• Provide information, including standard format ‘Keyfacts’ and ‘Key Features’ documents, to help you make your financial decisions
• Have clear procedures for making a complaint
• Tell you about compensation arrangements for the business they’re conducting

The FSA provides free information and factsheets on a wide range of financial products. This information includes details of what financial advisers should give you, and questions you should ask. To find out more, visit their website .

To check whether a firm is authorised by the FSA, you can use the online Firm Check Service on the FSA website .

The Banking Code and Standards Board (BSCB) makes sure that banks and building societies comply with the Banking Code (a voluntary code for dealing with customers).

For example, they should:

• Provide clear information on their products and services
• Make sure their staff are trained to deal with customers
• Explain what charges you have to pay
• Handle complaints sympathetically

By going to an authorised firm for advice, you will receive some protection. For example, authorised firms have to abide by the rules and minimum standards set by the FSA. Also, if an authorised firm gives you advice that's wrong for your circumstances, there is a system to resolve complaints and, if necessary, put things right.

When you buy without advice, you are responsible for your decision to buy and if the product turns out to be unsuitable, you will have less grounds for complaint.

It's important not to mistake information about a product for advice.

Firms' advertisements, brochures and websites give details about their products, but they don't give you personal advice. Check the document 'Keyfacts about our service' (under FSA rules firms must give you this before you buy) to see whether you're getting information or advice, and ask the person you're dealing with.

If you’re not satisfied with a financial service or product you’ve bought, you have the right to complain. You should first complain to the firm that sold you the product or service. If you’re still unhappy, you may be able to get help from an independent complaints scheme, such as the Financial Ombudsman Service or the Pensions Ombudsman.

Before an organisation can hold your details on file, they must be registered under the Data Protection Act. You can also ask to see what information they hold about you.

Before being able to buy a financial product, you may have to give the company information about your financial circumstances .

If a loan or mortgage is involved, the firm may also need to run a credit check using one of the UK’s three credit reference agencies. This involves looking at your credit history, which helps the firm decide whether or not to grant the loan or mortgage. You have the right to know what information is held about you, and to get it corrected if it’s wrong.