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IMC Unit 1 > Chapter 4 > Flashcards

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
Q

Is the FOS independent of the FCA

A

Yes

26
Q

Who is the FOS for

A

Retail clients - individual, some companies, charities and trusts

27
Q

If a party does not agree with the assessment from the FOS what is the next step

A

A written statement should be given to the party from the FOS with the determination and the reasons for it

28
Q

Which sort of business is covered by the FSCS

A

Protected business

29
Q

What is protected business

A

Designated business
Activities of manager or trustee of an AUT
Activities of an authorized corporate director or a depositary of an ICVC

30
Q

is an eligible counterparty entitled to the FSCS?

A

no

31
Q

how is the max reward funded for the FSCS

A

by levys on authorised firms

32
Q

if a firms final response does not meet a clients satisfaction can they go to the FOS?

A

yes

33
Q

when can a firm consider the complaint resolved

A

when the client does not reply to a written response to the firm

34
Q

who are eligible complainants to the FOS

A

retail clients

IMC Unit 1 (11 decks)

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