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Following recent warnings by the Financial Services Authority (FSA) in its Financial Risk Outlook that the UK could face more difficult economic conditions this year, the financially regulator has relaunched its dedicated consumer website to help people manage their money.  

Moneymadeclear.com offers free impartial information along with the FSA's own Compare product tables.

The site allows consumers to find a simple explanation of the 'credit crunch' and valuable information on how to manage if, for example, borrowing becomes more expensive.  

The site received 2.8 million visits last year and prides itself as providing jargon-free information on a range of subjects including mortgages, secured loans and credit cards as well as interactive tools to help work out how much borrowing will cost at different interest rates and a budget calculator to help manage your budget.

There are also printed guides covering 'what to do if you can't pay your mortgage', as well as a 'making your budget work for you' guide.  

The site has revamped the Compare product tables as part of the relaunch to make it easier for consumers to shop around. The regulator is currently planning to add its first Payment Protection Insurance (PPI) tables soon.

The FSA site also issues the latest news about scams and swindles as well as alerts about the most important issues facing consumers in the world of financial services such as scams.

A scam is a scheme designed to con you out of your cash. Scams come in many forms and are getting more sophisticated all the time. So, even if you think you would never be fooled, make sure you remain sceptical about offers that seem too good to be true.

Moneymadeclear offers advice on deceptive premium rate competition scams, bogus sweepstakes and lotteries, get–rich–quick schemes and fake health cures.

The site also includes a scambusters quiz, and tips on what to do if you're unsure or you discover a scam. There’s also a list of contact organisations that are supporting the stamp out scams campaign.

It also investigates bogus FSA and FOS communications – letters or emails claiming to be from the FSA or FOS asking for your personal information or money.

The FSA can protect you from share scams (also known as boiler rooms), affinity fraud, and online scams.

Affinity scams are investment scams that target members of a group, such as a community or a religious, ethnic, elderly or professional group.

Online scams tend to be on the rise now we have entered the digital age and fund transfer schemes such as money–laundering that tempt you to use your bank account by offering a commission are an easy trap for unsuspecting customers to fall into.

However, it is important to know that you could wind up with a prison sentence too and ignorance is no excuse.

The Metropolitan Police also has a special Fraud Alert website, set up to assist in combating specific types of fraud, and to prevent you becoming a victim of crime.

When prosecuted in connection of any sort of financial crime ignorance won’t stand as an excuse so it is important to investigate anything you may think seems dodgy or too good to be true. The FSA website offers advice and information on this and is worth checking when entering any sort of financial deal, just in case.   

The author of this article is Mel Varley who is an experienced journalist specialising in writing about financial matters, specifically secured loans. She has held several positions for magazines and newspapers and has written hard copy and for online audiences, both in the UK and in her homeland of Australia.

This article does not represent ‘financial advice’ as each persons individual requirements will be unique to their needs. If there is something in the article which you which to rely on then please check those details with any person from whom you purchase any product or service.

The views in this article represent those of the author and not those of Netbasic Limited.