Chapter 5 Complaints and Redress Flashcards
Eligible Complainants
- Consumer
- Business with fewer than
10 employees and a turnover of less than 2mEUR - Charities with annual income less than £6.5m
- Trusts with net assets less than £5m
Certain SMEs with annual turnover less than £6.5 AND (Balance sheet threshold of £5m, or fewer than 50 employees)
How long does firm have to send final response
8 weeks
If complain unresolved??
Explain why and when it is likely to be resolved. Inform they may approach FOS within 6 months
After receiving how many complaints are firms required to disclose
500 complaints in a given 6 month period
Publish
- Total complaints opened and closed
- Number of complaints closed within 8 weeks
- % complaints upheld
Who can make super-complaints
Certain HMT- approved consumer bodies
How quick must FCA respond to super complaints or mass detriment
In 90 days explain what they will do
FCIC payout
85,000 for deposits, investments, home finance
All clients insurance payout
Compulsory insurance: 100% of claim
General insurance: 90% of claim
Gina and Tobias open a joint deposit account in the UK. If they wish to ensure that they do not lose any money on the deposit, which of the following is the maximum deposit they could make and still ensure this?
Up to £170,000
If an individual is awarded money in respect of restitution, to whom is it paid first?
Financial Conduct Authority
The money will be paid to the FCA first and then passed on to the individual concerned.
If the money had been in respect of compensation following a liquidation it would be paid out by the FSCS.
Which of the following is true in relation to the FCA’s power to seek redress for consumers?
Includes breaches by unauthorised persons
How often should an authorised firm report to the FCA in respect of customer complaints?
Twice a year or every 6 months
