FFS - Consumer Rights and Responsibility Lesson

Consumer Rights and Responsibilities

Rights and Responsibilities for Financial Services Consumers

As a financial services consumer, the individual has certain rights and certain responsibilities.

The Right to Be Informed

• You have the right to receive clear information about your financial services.
• You have the right to an easy-to-understand explanation of how your financial service works.
• You have the right to know how your fees are calculated.
• You have the right to be informed of changes to your financial services accounts.

The Right to Complaint Resolution

Financial Services companies are generally committed to customer service. If the consumer has a complaint about a service, the consumer has a right to enter the financial services company's complaint resolution process.

The Right to Professional Service

The consumer has the right to deal with financial services professionals who exhibit a high ethical standard, which includes acting with honesty, integrity, fairness, and skill. Brokers and agents must exhibit extensive knowledge of the product, its coverage, and its limitations in order to best serve the consumer.

The Right to Privacy

Because it is important for the consumer to disclose any and all information required by any financial services provider to offer the financial services that best suits, the consumer has the right to know that information will be used for the purpose set out in the privacy statement made available by the banker, financial planner or other financial services representative. This information will not be disclosed to anyone except as permitted by law. The consumer should know that financial services providers are subject to U.S. privacy laws.

The Responsibility to Ask Questions and Share Information

To safeguard the right to purchase appropriate financial services at a competitive price, the consumer should ask questions about the financial service so that he/she understands what it covers and what the obligations are under it. The consumer can access information through brochures and websites, as well as through one-on-one meetings with a broker, agent, or company representative. The consumer has the option to shop the marketplace for the combination of service levels that best suits the consumer's financial needs.

The Responsibility to Resolve Disputes

The consumer should always enter into the dispute resolution process in good faith and provide the required information in a timely manner.

The Responsibility to Act Ethically

Consumer has a responsibility to act ethically in their financial dealings. Unethical actions tend to cost all consumers money.

The Responsibility to Complain

The consumer has a responsibility to complain about being misled or mistreated. Being vocal about fraud and financial abuse can help prevent another from experiencing the same thing. A legitimate financial services provider will seek to fix whatever caused the complaint. A scammer will be brought to light so that others don't prey.

Self-Assessment

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