Ch : 11 Consumer Protection And Dispute Resolution Flashcards
Data Protection Law Act 2018
Dpa 2018 came into effect in the UK in May. To coincide with the implementation of the gdpr and the law enforcement directive (led).It aims to modernise the UK data protection laws to ensure its effective in the years to come.
What age parental consent is not needed to process data online
At the age 13
Fines on data controllers and processors for most serious data breach
Being upto £17.5 m or 4% of annual global turnover
UK GDPR applies to controllers and processors based
Outside the UK if their processing activities relate to offering goods or services to individuals in the UK. Or monitoring the behaviour of individuals in the UK
Who does the GDPR apply to
Applies to controllers and processors in the EU
Who are not relieved of their objectivities where processor is involved
Controllers
What information does the GDPR apply to
Personal Data
IP address can be which data
Personal Data
GDPR refers to …..as special categories of personal data
Sensitive personal data
Sensitive personal data includes
1.HEALTH
2.ETHNIC ORIGIN
3.RELIGION
4.SEX LIFE
5.SEXUAL ORIENTATION
6.POLITICS
7.GENETICS
8.RACE
9.trade Union membership
10.BIOMETRICS
GDPR applies to to both automated personal data and
To manual filing system
Under the GDPR who set out the main responsibilities for organisations
The data protection principles
For processing to be lawful under the GDPr. Firms need to identify ehay before they can process personal data and document
A lawful basis
Rights under GDPR
the right to be informed
The right to access
The right to rectification
The right to erasure
The right to restrict processing
The right to data portability
The right to object
The right in relation to automated decision making and profiling
Full form of SAR
Subject access request
Good practice tools such as
Privacy impact assessment and privacy by design are now legally required in certain circumstances
What is more significant under the GDPR
Accountantability and transparency
UTCCRs
The unfair terms in Consumers Contracts Regulations 1999
Consumers Rights Act 2015
Consolidates and clarifies existing consumer legislation on unfair contract terms
Which provision covers both consumer contracts and consumer notices
Consumer rights act 2015
What is a term being transparent
If its expressed in plain and intelligible language and ( in the case of a written term) is legible
What a term being prominent means
If its brought to the consumer ls attention in such a way that an avg consumer would b aware of the term.
What is average consumer as per the act
As a consumer who is reasonably well informed observant and circumspect
In order to avoid being considered for fairness those terms must be
Transparent and prominent
Indicative list that may be regarded as unfair
They are reffered as grey list
Who require an undertaking to amend the term if an insurer has been found to use policies containing unfair terms or has been found to breach consumer
Competition and Markets Authority ( CMA ) or the FCA
The subject of ethics is tied up with issues of
Morality
Ethical standards are concerned with
Behaviour and conduct
All professional bodies produce a code ,often described as a
Code of conduct
Codes of conduct applies to
Individuals as a result of their membership of a professional body
Who have their own codes to which members subscribe on a voluntary basis
Trade bodies
CII code of ethics represents
A set of ethical principles for insurance and financial services professionals worldwide
What can help to promote standards and public trust
Adoption and adherence
Cii is concerned with
Attitude and behaviour
Cii has produced 2 companies to the code
Digital ethics
Financially inclusive customer outcomes
Ciis aim.
To make the code more of a living document that individuals will read and consult regularly
What Is a key theme of the FCA and of the code
Fair treatment of clients
Which arrangements may often be the only effective means of being fair and of being seen to be fair to each client
Arms length arrangements
Is a key quality ensuring those supervised are properly motivated and trained
Approachability
What means having the skills, knowledge ans expertise needed to discharge the responsibilities of the employees role
Competence
FCA states 3 keys areas of trainning and competence that all firms need to consider
Assessing competence
Maintaining competence
Record keeping
FCA relies upon its high level rules to provide the framework and principles for
Trainning and competence
FCA requires that records of training and assessment of competence must be kept for at least how long
3 yrs from the time that the employees ceased to carry out that role.
FCA regulation is concerned with 2 categories of complainant
Eligible and non eligible
Who imposes requirements on both insurers and reinsurers in respect of dispute resolution
IDD ( Insurance Distribution Directive )
List of Eligible complainant
Consumer
Micro- enterprise
Charity with an annual income of less than £ 6.5m
Trustee of a trust with a net asset value of less than £5 m
Consumer buy to let (CBTL) consumer
Small business atvtge time the complainant refers the complaint to the respondent : or
Guarantor
All complaints files must be retained for at least
3 years from.the date the compliant was received
Within how many days a firm must provide a response
Within 8 wks of receiving complaint
Which organisation will become involved if an insurance Co is unable to pay its claims
FSCS ( financial services compensation scheme )
Maximum award the FOS can require a firm to make to a complainant changed on 1 April 2019
£355,000 that occurred on or after 1st April 2020
£350,000 that occurred on or after April 2019
£160,000 that occurred before 1st April 2019
When considering an insurance contract , the consumer rights act 2015 applies to individuals and
Insurers
Under FSCS , what is the total percentage of a compulsory TP motor insurance claim may compensation be provided
100%
How is FSCS is funded
By a levy on all authorised forms who receive an income from eligible claimants
