To help them, it has published top tips in a new FSA guide, It pays to shop around, available free to consumers from high street post offices.
Commenting on the move, Chris Bernthal of the FSA's Consumer Division, said: "Buying a financial product is no different to buying a TV, car or holiday. You need to shop around and compare information about products from different companies. To get best value consider the price as well as the features of a product and its terms and conditions.”
The watchdog's top tips include:
• Be clear about what you want;
• Use the FSA's comparative tables at www.fsa.gov.uk to help you shop around;
• Consider expert advice;
• Take time to read through all the product literature;
• Ask questions if there's anything you don't understand;
• Always check the firm is authorised; and
• Whatever happens, don't be bowled over by the first product that you see.
