Chapter 8 Flashcards
Conduct risk
The risk that firm behaviour will result in poor outcomes for customers
Confidentiality guidelines
Produced by the ABI as part of their Code of Practice
Data protection
Govern the way that organisations use and hold personal information, and to give legal rights to people who have had the information stored
Disclosure
Consumers must take reasonable care to answer the insurer’s questions fully and accurately
Fair treatment of customers
Establish the customers demands and needs to provide the best of advice and appropriate solutions
Financial Conduct Authority
Responsible for the conduct of business regulation across the financial services, industry, and Prudential regulation of small firms
Financial Ombudsman Service
An independent body which aims to set of complaints between consumers and businesses, providing financial services
Financial Services Compensation Scheme
FSCS can pay compensation if a firm cannot, or is likely to be unable, to pay claims against it due to insolvency
Insurance: Conduct of Business Sourcebook
The FCA’s detailed rules governing forms and individuals who work in the general insurance market
Misrepresentation
Can be honest and reasonable, careless, and deliberate or reckless
Principles for Businesses
11 principles for businesses, which firms must conform to if they’re going to be regard as fit and proper
Prudential Regulation Authority
Responsible for the regulation of systemically, important firms
Significant influence functions
Applies to employees, whose role means it is possible for them to cause significant harm to the firm customer or market
Structured information
Information about a particular individual
Unstructured files
Information that includes other people too
