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UK Regulation > Complaints and Redress > Flashcards

Complaints and Redress Flashcards

1
Q

What should internal complaints handling capture?

A
  • Receiving, acknowledging and responding to complaints
  • investigating
  • notifying rights with regard to FOS
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2
Q

Where are the complaint handling rules contained?

A

In FCAs dispute resolution: complaints sourcebook

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3
Q

To give consumers awareness of their regulatory protections with complaints, what must a firm publish?

A
  • summary of internal processes
  • rights to go to FOS
  • send details of complaint process in witting at POS or when requested
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4
Q

What does DISP 1.3 cover?

A

Firms obligations to investigate and remediate complaints

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5
Q

What does DISP 1.2 cover?

A

The firms obligations to share details on the complaints process

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6
Q

What does DISP 1.4 cover?

A

Firm must investigate complaint competently and impartially, and resolve promptly

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7
Q

3 stages FCA sets out for a complaint?

A
  1. Prompt written acknowledgement that complaint is being dealt with
  2. Regular progress updates
  3. Within 8 weeks send a written response
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8
Q

How long should complaint records be kept?

A

5 years for MIFID, 3 years for all others

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9
Q

Twice a year firms must submit what data with regard to complaints?

A
  • number of complaints open
  • number closed in 4 / 8 weeks or after the deadline
  • Amount of redress paid
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10
Q

3 options for final response to complaints?

A
  • accept and offer redress or remedial action
  • offer remedy but not accept
  • reject and explain why
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11
Q

What must a final response to a complaint contain?

A
  • details on FOS process and leaflet
  • if delayed over 8 weeks explain why
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12
Q

Who are eligible complaints to the FOS?

A

Consumers
Micro enterprise
Charities
Trustees of trust
Small SMEs
Person acting for purposes (e.g. buy to let borrower)

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13
Q

PSD or EMD complaint timelines?

A
  • 15 days
  • Or in exceptional circumstances 35 days
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14
Q

Changes to FCA complaints brought in in 2015?

A
  • 3 days to respond less formally in full to the complaint
  • Report all complaints to regulator
  • FOS details sent to consumer
  • Limits cost of calls for consumer
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15
Q

What is the pension ombudsman?

A

Independent organisation set up to help people resolve their pension disputes and complaints

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16
Q

Timeline to complain to the pension ombudsman?

A

Within 3 years of the event or you become aware of the incident

17
Q

Methods to resolve complaint to PO?

A

Early resolution service for simple cases
Adjudicator for more complex cases

18
Q

Are decisions by pension ombudsman final?

A

Yes and enforceable in court (unless appealed on a point of law)

19
Q

Who is the pension protection fund accountable to?

A

Parliament

20
Q

What is the compulsory jurisdiction of the FOS?

A

Complaints against FCA firms regarding their regulated (or ancillary) activities

21
Q

What is the voluntary jurisdiction for the FOS?

A

Covers complaints not covered under authorised firm regulation, so firms opt in to this oversight

22
Q

Timeline of FOS complaint amounts over time?

A
  • £160k for acts before April 2019, referred before April 2022
  • £170k for acts before April 2019, referred after April 2022
  • £355k for acts between April 2020 and March 2022, referred after April 2019
  • £375k for acts after April 2019, referred after April 2022
23
Q

How will future FOS complaint award amounts increase?

A

In line with CPI inflation each April, rounded down to nearest £5k limit

24
Q

What is the purpose of FSCS?

A

To pay compensation to eligible claimants in the event an authorised firm defaults

25
Q

What does FSCS compensation cover?

A

Financial loss, so will try to return investment principle not lost investment gains

26
Q

Amount covered by FSCS in a bank account?

A
  • 85k for individual
  • 170k on a joint account
  • £1m for up to 6 months if a temporary balance
27
Q

How much of the insurance policy is protected under FSCS?

A

100% - compulsory, or long term insurance. Professional indemnity or death policies
90% - All other insurance

28
Q

How much does FSCS cover for pensions?

A

100% if pension provider fails
£85k in a SIPP or if bad pension advice given

29
Q

What is a super complaint?

A

When a consumer body raised a market competition or consumer issue

30
Q

Who can make a super complaint?

A

Designated consumer bodies, designated by HM Treasury

31
Q

What is a mass detriment reference?

A

Complaint by firm or FOS if
- multiple regular firm failures
- firms acting in a way complaint likely to be upheld

32
Q

How long does FCA have to respond to a super complaint?

A

90 days

UK Regulation (6 decks)

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