Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

M85 > 1 Regulatory Environment > Flashcards

1 Regulatory Environment Flashcards

1
Q

FPC sits within…

A

Bank of England

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Bank of England responsible for

A

PRA / FPC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Is FCA seperate from BOE?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

FCA ensures markets…

A

Function well

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

FCA Handbook, how many principles?

A

11

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Training and competence - regulated?

A

No but encouraged

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

ICOBS - how many sections

A

8

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

ICOBS Claims Practice is what number?

A

ICOBS 8 (Claims handling)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

ICOBS 8 - covers both commercial & consumers?

A

Yes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

ICOBS 8.1.1 requires

A

promptly
reasonable guidance
not reject
settle promptly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

CRA2015 requires

A

‘perform service in reasonable time’

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

EA2015 requires

A

‘pay settlement timely or pay damages

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

8.1.2 consumers only, unreasonable to reject if…

A

unreasonable to reject if not a qualifying misrepresentation and breach not connected.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

8.1.3 qualifying misrepresentation if…

A

breach of CIDRA 2012 & insurer would not have entered contract or on different terms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

8.3 conflict of interest

A

Interest in both parties

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

FCA Fair Treatment - how many outcomes?

A

6

17
Q

FCA Fair Treatment - 6 outcomes

A
  1. Culture of fair treatment.
  2. Products meet needs
  3. Clear info
  4. Suitable advice
  5. Products perform
  6. No barriers
18
Q

Which of the 6x outcomes are claims related

A

1,3,5,6 (Culture / Info / Perform / Barriers)

19
Q

FOS - free or chargable

A

Free & independent

20
Q

Who are eligible complainants

A

Consumers
Charity < £6.5m income
Trustee

21
Q

Timescales for complaints

A

6 months from final decision letter
6 years after event complained about or
3 years cause for complaint

22
Q

How long do FOS have to respond?

A

90 days

23
Q

Most disputes are handled via

A

mediation or adjudictation

24
Q

FOS Redress in two ways…

A
  1. Money Award £50k after 2019. £160k before 2019 but referred after). £150k before 2019.
  2. Directions Award Action: i.e, pay claims / apologise

M85 (10 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions