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CISI: UK Regulation > Chapter 5: Complaints and Redress > Flashcards

Chapter 5: Complaints and Redress Flashcards

1
Q

What is the Purpose of the Complaints Rules?

A

To ensure complaints from eligible complainants promptly and fairly (eligible to approach the FOS promptly and fairly)

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2
Q

When should a Complaints Procedure be followed?

What is this regardless of? as long as it relates to what?

A

The procedure should be followed regardless of whether the complaint is oral or in writing and whether the complaint is justfied or not, as long as it relates to the firms provisions or failure to provide a service.

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3
Q

What is DISP 1?

What is this titled?

A

Treating customers fairly, this is how complainants should be treated in respect of business carried on from establishments in the UK or by branches of UK firms in EEA states

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4
Q

What is DISP 1.2?

A

Consumer awareness rules

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5
Q

What is DISP 1.3?

CHR

A

The complaint handling rules

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6
Q

What are some of the processes a firm can use to ensure the Complaints handling rules are effective?

A
  • Identifying root causes of complaints
  • Analysing how many complaints are resolved within 1 BD of receipt
  • Considering whether root cause, may affect other areas of the business
  • Correcting areas where complaints have arisen
  • Providing regular reports to senior management
  • Keeping records in relation to the analysis of complaints
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7
Q

What is DISP 1.4?

A

The Complaints Resolution Rules

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8
Q

In regards to “Stages and Timings”, what must a firm do in receipt of a complaint?

3 steps: Acknoledge, Inform, Within X weeks

A
  • Send the complainant a prompt written acknowledgement that the complaint is being dealt with
  • Keep the complainant informed
  • Within 8 weeks send a written response to the complainant, be either a final or holding response
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9
Q

How long is the Complaints Reporting Period?

A

6 months

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10
Q

Following the decision of a complaint how long does the firm have to reach out to the FOS?

A

6 months

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11
Q

If the firm is not able to send a response within 8 weeks, it must send a written response which includes what?

A
  • Why the firm is unable to make a decision, indicate when this will be provided
  • Inform the complainant that they may now reach out to the FOS
  • The FOS leaflet
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12
Q

How often does the FCA produce statical complaints data based on firms submissions?

A

Quarterly

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13
Q

What must a firm do if they receive more than 500 complaints in a complaints reporting period?

Infrom them of what?

A

Inform the FCA of:
* Info about the No. of complaints
* No. of complaints closed and upheld within this period.
* The amount of redress paid by the firm in relation to these
* Context of complaints

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14
Q

For a retail clients, how would a Charity qualify as an Eligible Complainant?

Annual income of less that what?

A

Less than £6.5m annual income when the complaint is received

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15
Q

For a retail clients, how would Trustees of a Trust qualify as an Eligible Complainant?

Net assets less than what?

A

Net assets less than £5m

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16
Q

For a retail clients, how would Certain SMEs qualify as an Eligible Complainant?

Turnover, balance sheet threshold, employees

A
  • Turnover £6.5m
  • Balance sheet threshold £5m
  • Less than 50 employees
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17
Q

In regards to Eligible Complainants, what constitues a Micro-enterprise?

How many EUROS!

A

Persons (irrespective of legal from) employing fewer than 10 persons and having a balance sheet of less tan 2m EUR

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18
Q

Are consumers Eligible Complainants?

A

Yes, are they are using the services of the firm

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19
Q

A persons acting for purposes outside of their business of profession or a borrower under a “buy to let credit agreement” a Eligible Complainant?

A

Yes

20
Q

Do personal guarantors of loans to a business they are involve in also have the right to complain to the FOS?

A

Yes

21
Q

Are authorised firms eligible complainants?

When might this change?

A

No, but they may be if the complaint is for a service they are not authorised for.

22
Q

Are professional clients or ECP eligible complainants?

A

No, but they may be if it is relation to an activity they are not approved for.

23
Q

Is the FOS operationally independent of the FCA?

A

Yes

24
Q

Who is the FOS board appointed by?

A

The FCA

25
Q

What is the purpose of the FOS?

A

It is a free dispute resolution service for eligible complainants

26
Q

How long do the Firm have to report the complaint to the FOS after receiving a written response?

A

Within 6 months

27
Q

Is the FOS Private or Public?

A

Private

28
Q

For the FOS what compensations is awarded to complainants?

This questions is not about money

Subject to what?

A

Subject to a limit and covers
* Financial loss, pain and suffering, damage to reputation, distress and inconvenience

29
Q

What occurs if the accepts the reward from the FOS?

it is what for the firm?

A

It is binding on the firm

30
Q

What occurs if the rejects the reward from the FOS?

They then will have to do what?

A

Persue the matter through the courts

31
Q

Who can make super complaints?

A

Can be made by certain HMT approved consumer bodies

32
Q

?

How long does the FCA have to respond to “super complaints” and mass detriment references?

A

90 days

33
Q

Who are super complaints reported to?

Who does this bypass?

A

The FCA

Bypassing the FOS

34
Q

What are mass detriment references used for?

To blow…..

A

To blow the whistle

35
Q

When can mass detriment references be made by the FOS?

What would make them represent?

A

Firm acting in a way which, if the complaint was made to the FOS, the FOS would be in favour of the complainanant

36
Q

When can mass detriment references be made by regular firms?

A

Regular failures by a firm or firms to comply with regulatory requirements, reulting in a loss, or potential loss to consumers

37
Q

Do the FSCS have anything to do with complaints?

A

No

38
Q

What does the FSCS allow firms to do?

A

Allows clients to claim losses when a firm goes into liquidation

39
Q

Who pays the claims for the FSCS?

A

All the members mutually

40
Q

What is the maximum amount an eligible claimant can make under the FSCS?

A

£85,000

Per person per firm

41
Q

What is the maximum amount an eligible claimant for Compulsory Insurance can make under the FSCS?

What % of the claim

A

100% of the claim

42
Q

What is the maximum amount an eligible claimant for General Insurance can make under the FSCS?

A

90% of the claim

43
Q

What is the maximum payout for the FSCS?

A

Unlimited

44
Q

Upon receipt of a complaint, when may a firm not have to provide its procedures?

if it is solved when?

A

Within 3 business days

45
Q

What must a company use complaints to identify?

A

Systemic problems

CISI: UK Regulation (6 decks)

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