A firm selling financial products and services has to follow certain rules and standards laid down by the law and the relevant financial regulators. These are designed to protect consumer rights. If a firm doesn’t follow the rules you can complain about it. Your rights are especially protected if you’ve taken financial advice.
The financial regulators need to regulate financial services in Guyana and protect the rights of consumers. Consumers International sets out rules that most financial services businesses must follow.
Firms that are authorized by the financial regulators must
* be financially sound and trustworthy;
* provide competent advisers;
* provide clear information to help you make your financial decision;
* have clear procedures for making a complaint;
* tell you about compensation arrangements for the business they’re conducting.
Buying with and without advice
By going to an authorized firm for advice you will receive some protection. For example, authorized firms have to abide by the rules and minimum standards set by the law. Also, if an authorized firm gives you advice that’s wrong for your circumstances, there is a system to resolve complaints and, if necessary, put things right.
Similar protections apply where firms are licensed by law.
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 fewer grounds for complaint.
The difference between information and advice
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.
Your right to complain
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 Guyana Consumers Association or the Ministry of Tourism (Consumer Affairs Division). Taking a firm to court will usually be the last resort.
