3.6: FCA SUPERVISION AND REDRESS Flashcards
1
Q
What are the 3 pillars of FCA supervision model? (3)
A
Firm Systematic Framework
Event driven work
Issues and products
2
Q
What is Firm Systematic Framework? (1)
A
Preventative work through structured conduct assessment of firms
3
Q
What is Event Driven Work? (1)
A
Covers issues outside the work cycle when they emerge
4
Q
What is “Issues and products?” (1)
A
Issues and products that may put consumers at risk
5
Q
A firm, receiving a complaint must at the end of _____ weeks of the complaint must send _______. (3)
A
8 weeks
Final response letter or a written letter saying why they won’t be able to make a final response and let them know they have the right to contact the FOS.
6
Q
How long must a firm keep records of complaints for MiFiD business? (1)
A
5 years
