Chapter 4 Flashcards

1
Q

Who is an eligible complainant

A

A retail client or customer

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2
Q

What must internal complaints procedures cover

A
  • receiving complaints
  • responding to complaints
  • referring complaints to other firms
  • the appropriate investigation of complaints
  • notifying complainants of their right to go go the FOS
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3
Q

When must a firm send a complaint response to the complainant by

A

8 weeks

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4
Q

What must a firm do if the complaint in unresolved after 8 weeks

A

Still send a final response
Explain why the complaint hasn’t been resolved and when it is likely to be resolved
Enclose a copy of the standard explanatory leaflet and inform them that they can go go the FOS

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5
Q

How often does a firm have to send a summary complaints report to the FCA

A

Every 6 months

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6
Q

How long must non mifid business records of complaints be kept

A

3 years

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7
Q

How long must MIFID business complaints records be kept

A

5 years

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8
Q

When is a complaint closed

A

When the firm has sent a final response and the complainant has accepted response or not replied in 8 weeks

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9
Q

Who is the financial ombudsman service

A

A free dispute resolution service for eligible complainants

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10
Q

Who are eligible complainants for the FOS

A

Retail clients

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11
Q

What happens if the complainant doesn’t accept the FOS compensation

A

The complainant can take it through the court

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12
Q

Who is under compulsory jurisdiction by the FOS

A

Authorized firms

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13
Q

Who is under voluntary jurisdiction from the FOS

A

Firms conducting investment business such as credit card services

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14
Q

When can the FOS dismiss a complaint

A

When the complainant hasn’t suffered any financial loss or distress
The firm had already paid reasonable compensation

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15
Q

What is the max compensation

A

£375,000

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16
Q

When would someone complain to the pension ombudsman

A

When a pension is taking too long to do something without a good reason or giving incorrect info or breaking a promise

17
Q

What is the FSCS for

A

It enables contents to claim for losses when a firm goes into liquidation

18
Q

Who has to join the FSCS

A

All authorized firms have to join the FSCS as a condition of being authorized

19
Q

What is the mutual protection service

A

All firms having to chip in to pay back clients if one of them go bust

20
Q

What is the max payout for the FSCS

A

There is no max payout

21
Q

What claims can be made to the FSCS

A
  • designated investment business up to £85,000
  • deposits up to £85,000
  • Long term insurance 100% of claim
22
Q

What is the relationship between the FSCS and the FOS

A

They have nothing to do with each other

23
Q

How long can a complaint be referred to the FOS to

A

Within 6 years of event being complained of
Or within 3 years of knowing about problem
6 months of firm’s final response

24
Q

To who is the FSCS accounta le

A

The FCA and PRA directly
The treasury indirectly through the FCA and PRA

25
Is the FOS independent of the FCA
Yes
26
Who is the FOS for
Retail clients - individual, some companies, charities and trusts
27
If a party does not agree with the assessment from the FOS what is the next step
A written statement should be given to the party from the FOS with the determination and the reasons for it
28
Which sort of business is covered by the FSCS
Protected business
29
What is protected business
Designated business Activities of manager or trustee of an AUT Activities of an authorized corporate director or a depositary of an ICVC
30
is an eligible counterparty entitled to the FSCS?
no
31
how is the max reward funded for the FSCS
by levys on authorised firms
32
if a firms final response does not meet a clients satisfaction can they go to the FOS?
yes
33
when can a firm consider the complaint resolved
when the client does not reply to a written response to the firm
34
who are eligible complainants to the FOS
retail clients