4 - Complaints and Redress Flashcards
What is the maximum award that can be offered by the Financial Ombudsman Service (FOS)?
£375,000
If a complaint has been received by a firm and remains unresolved, how soon after the firm receives it can the client refer the complaint to the FOS?
8 weeks
If a firm receives and deals with a complaint with respect to non-MiFID business, how long is it necessary to keep the records of the complaint?
3 years from the receipt of the complaint
After what length of time must a firm advise the FCA of a complaint lodged by a client which has not been dealt with to the client’s satisfaction?
6 months
To whom is the Financial Service Compensation Scheme (FSCS) PRIMARILY accountable?
The FCA and PRA
Under the FSCS, what does protected investment business not cover?
Activities of an FX trader
Who does the Financial Ombudsman Service (FOS) serve?
Individuals, and very small companies charities and trusts
If a complaint has not been resolved within eight weeks, what must be given to a complainant?
A leaflet about the Financial Ombudsman Service
What will be the next step if either party does not agree with a provisional assessment by the Financial Ombudsman?
A written statement from the FOS outlining the rationale
To whom, in the first instance, should a consumer make a complaint?
The firm itself
What is the maximum payout that will be made for deposits under the Financial Services Compensation Scheme (FSCS)?
£85,000
In what circumstances could a claim on the Financial Services Compensation Scheme be made?
When an authorised firm becomes insolvent
How frequently must a firm supply the FCA with reports on the number of complaints and completions of complaints received by the firm?
Twice a year
