1 Regulatory Environment Flashcards
FPC sits within…
Bank of England
Bank of England responsible for
PRA / FPC
Is FCA seperate from BOE?
Yes
FCA ensures markets…
Function well
FCA Handbook, how many principles?
11
Training and competence - regulated?
No but encouraged
ICOBS - how many sections
8
ICOBS Claims Practice is what number?
ICOBS 8 (Claims handling)
ICOBS 8 - covers both commercial & consumers?
Yes
ICOBS 8.1.1 requires
promptly
reasonable guidance
not reject
settle promptly
CRA2015 requires
‘perform service in reasonable time’
EA2015 requires
‘pay settlement timely or pay damages
8.1.2 consumers only, unreasonable to reject if…
unreasonable to reject if not a qualifying misrepresentation and breach not connected.
8.1.3 qualifying misrepresentation if…
breach of CIDRA 2012 & insurer would not have entered contract or on different terms
8.3 conflict of interest
Interest in both parties
FCA Fair Treatment - how many outcomes?
6
FCA Fair Treatment - 6 outcomes
- Culture of fair treatment.
- Products meet needs
- Clear info
- Suitable advice
- Products perform
- No barriers
Which of the 6x outcomes are claims related
1,3,5,6 (Culture / Info / Perform / Barriers)
FOS - free or chargable
Free & independent
Who are eligible complainants
Consumers
Charity < £6.5m income
Trustee
Timescales for complaints
6 months from final decision letter
6 years after event complained about or
3 years cause for complaint
How long do FOS have to respond?
90 days
Most disputes are handled via
mediation or adjudictation
FOS Redress in two ways…
- Money Award £50k after 2019. £160k before 2019 but referred after). £150k before 2019.
- Directions Award Action: i.e, pay claims / apologise
