CAI test revison Flashcards
what is legislation?
A law that has been passed by parliament
Who are our regulators?
FCA, ICO, OFFCOM
How do we manage risks?
Three lines of defence
Who do the FCA regulate?
Consumer Credit Act 1974
who do the ICO regulate?
General Data Protection Act 2018
Who do OFFCOM regulate?
Communication Act 2003
What is SAR?
Subject access request
the right to request a copy of any of their personal data
What are the two types of data?
personal / special category
If there is a breach of data how long does the DPO have to report it to the controller?
72 hours
how much can the FCA fine us?
Unlimited amount !!
how many PRINS do the FCA have?
11 principles of Business
What is CONC?
Bouns point what section is it found?
Consumer Credit Sourcebook
Section 7
What is the process of money laundering?
Placement - Layering - integration
Who are CSA?
Credit Service Association
Where do the FCA get their power from?
Financial service and market act 2000
What is PAP?
Pre-Action Protocol
How many principles of DPA are there?
6
How much can the ICO fine us?
£17 million / 4% of group turnover
If we tip customers of how long could we face imprisonment for?
5 years
what are the two high risk countries which we CANNOT accept payments from?
Iran and North Korea (DPRK)
There are 8 TFC outcomes True or False?
False. There are only 6
Who are LSB?
The standards of lending practice (Lending standard boards)
When a customer is facing financial difficulties, where should we refer them to?
Free monetary advice such as “Step Change”
Who may we use to conduct trace activity?
Credit reference agencies
When might we trace someone?
When the customer no longer appears to be residing at their last known address or contact has been lost.
Which one isnt an Example of risks / threats?
- Malicious Emails
- Human attack
- Inappropriate Access
Human Attack is not an Example.
We must never provide a ‘caller line identification’ when contacting third parties True or False?
False. We must ALWAYS provide a CLI
What is the minimum we should let the phone ring for?
15 seconds
How many rights do the Data subject have?
8
What is insolvency mean?
When an individual/organisation can no longer meet its financial obligations with its lender or lenders as debts become due.
How much does it cost to file for Bankruptcy?
£680
What is the minimum you MUST owe for a creditor to make you bankrupt?
£5,000
What is a DRO?
Debt relief order (a way to have your debts written off if you have low level of debt and a few assets)
How much does it cost to enter into a DRO?
£90
What is the Scottish equivalent to Bankruptcy?
Sequestration
What is the limitation period for England?
6 years
What act is Statured barred governed under?
Limitations act 1980
When does a debt in Scotland become Extinguished?
After 5 years
What is a silent call?
When an agent is ready and has taken a call however chooses not to speak to the customer or disconnects the call.
What is an abandoned call?
Occur when companies using dialler system, place more calls out than they have staff to be ready at the end of the line. When an inbound call occurs and no agents are available. (dont want to be on hold)
Is a silent call a breach of OFCOMs regulations?
Yes! A Serious breach and can have a consequence of disciplinary action.
How much does it cost to become a member to the CSA or LSB?
Nothing! it is completely on a voluntary basis.
Why do we chose to become members to the CSA/LSB?
To maintain best practice and adhere to legislation.
Who do ICO report to about data protection issues?
Parliament
If an induvial request a SAR how long does an organisation have to respond with the information?
1 calendar month
What must we obtain before we can take any further enforcements?
A CCJ (County court judgement)
What 5 enforcements can we take if no agreement made after CCJ?
- Warrant of control
- Writ of Control
- Attachment of earnings
- Charging order
- Bankruptcy
- order for sale
What act is Extinguished governed under? (Scotland)
limitations act 1973
What 3 enforcements can we take if no agreement made in Scotland?
- Earnings Arrest
- Letter of inhibition
- Sequestration
What are the English and Wales alternative to Bankruptcy?
- IVA (individual Voluntary Agreement)
- DRO (debt relief order)
What are the Scottish alternatives to Sequestration?
- Trust deed
- MAP (minimal asset process)
Who are FOS?
Financial ombudsman service
After 25 cases of Complaints how much with the FOS start to charge per Case:
- £550
- £680
- £650
£650 per case that is referred to FOS
who can complain?
Anyone!
what is an SRC?
Summary resolution communication
How long do we have to give a final response to a complaint before it goes to the FOS?
8 weeks
Which is not an example of a complaint?
1 - “i am not happy with”
2 - “no one ever answers the phone”
3 - “id rather wait to speak until my spouse gets home”
3- This is not an example of a complaint.
Can the FOS request copies of relevant documentation from a business when investigating a complaint in order to consider both sides independently?
Yes they can.
True or False - Can fos award compensation if considered appropriate in relation to an individuals complaint?
True.
what is a power of attorney?
A power of attorney or letter of attorney is a written authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter.
What is a court of protection?
It has control over the property, financial affairs and personal welfare of people who lack mental capacity to make decisions for themselves.
What’s the difference between a power of attorney and a court of protection?
The court of protection is NOT decided by the person it relates to.
