Chapter 10

Question 1

If an ‘eligible complainant’ is NOT satisfied with the way in which their complaint has been handled by an authorised firm, they have an automatic right to refer their case to the:

Answer 1

Financial Ombudsman Service [FOS].

Question 2

The FCA expects almost all complaints to have been substantively addressed through a firm’s final or written response within:

Answer 2

eight weeks.

Question 3

What is NOT one of the central principles in the CII’s Code of Ethics?

Answer 3

Members must act in the best interests of their employer.

Question 4

The requirements of the Training and Competence [TC] sourcebook define competence to include:

Answer 4

Achieving a good standard of ethical behaviour.

Question 5

Which of the following does NOT fall within the definition of the special categories of personal data under the UK General Data Protection Regulation [UK GDPR]? Personal data concerning:

Answer 5

an individual’s age.

Question 6

Communication, transparency [including fees and other costs] and suitability are the main elements of which central principle of the CII’s Code of Ethics?

Answer 6

Service

Question 7

Under the FCA’s rules, every complaint from an eligible complainant must be acknowledged:

Answer 7

promptly

Question 8

Membership of the Financial Ombudsman Service [FOS] is compulsory for:

Answer 8

all authorised insurers and authorised firms.

Question 9

The Financial Ombudsman Service [FOS] deals with:

Answer 9

any type of complaint referred by an eligible complainant.

Question 10

The high level rules on Training and Competence [TC], which apply to all authorised firms, are found in which section of the FCA Handbook?

Answer 10

SYSC

Question 11

Sharon makes a claim under her home insurance policy for storm damage to her roof. Her insurer investigates her claim and agrees a settlement figure of £4,500. Before the claim is paid her insurer goes into liquidation. How much compensation is Sharon entitled to under the rules of the Financial Services Compensation Scheme [FSCS]?

Answer 11

4050

Question 12

For complaints about actions or omissions by firms that occurred on or after 1 April 2023, an insurer or intermediary is bound by the decision of the Financial Ombudsman Service [FOS]:

Answer 12

where the Ombudsman’s award does not exceed £415,000.