Guaranteed bank accounts: FSA publishes Know Your Rights

The Financial Services Authority (FSA) has published an information guide to inform bank and building society users, including guaranteed bank account customers, about what they can expect from monetary organisations.

Know Your Rights lays down the service standards that consumers should expect from financial institutions and marks the first anniversary of the regulation of banking conduct.

The FSA said that although millions of banking transactions go through without problems every day, the public should be aware of their rights of redress when something goes wrong.

Chris Pond, FSA director, said: "The Know Your Rights booklet tells customers what they need to know, what standards they are entitled to, and will be updated to keep them aware of any new issues affecting their rights."

Commenting on the release, the Financial Services Consumer Panel welcomed the publication, but urged the FSA to carry out further research to check bank conduct.

The Financial Services Authority has published the Know Your Rights booklet, which aims to give bank and building account users, including guaranteed bank accounts customers, information about what to expect.