Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CISI Financial Regulations > Complaints and Redress > Flashcards

Complaints and Redress Flashcards

1
Q

who counts as eligible complainants

A

consumers (retail who is a person)
biz with fewer than 10 employees and turnover less than 2m euros
charities with annual income less than 6.5m pounds
trusts with net assets less than 5m pounds
certain SMEs with annual turnover less than 6.5m and balance sheet threshold of 5m or fewer than 50 employees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what must be true about the person responsible for investigating complaints

A

must have the power to resolve the complaint or get it resolved

must not have been involved in the event that led to the complaint

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

how and when (3 times) do complaints procedures need to be disclosed

A

in writing

at first point of contact or when documentation is first provided
on request
when a complaint is received

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

when do complaint procedures regarding a received complaints not need to be disclosed

A

if the complaint is resolved within 3 business days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

a firms procedures for complaints should provide for what (4 things)

A

receiving complaints
responding to complaints
investigating complaints
notifying complainants of the FOS

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

how should firms use complaints

A

to identify any systematic problems

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

what must a firm keep a record of in regard to complaints

A

a record of each complaint received and the measures taken to resolve it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

records are kept from when, and how long for mifid and other biz

A

kept from the date the complaint was received

MiFID or UCITS business - 5 years

other business - 3 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

what must a firm do when it receives a complaint

A

send written acknowledgement of a complaint and a copy of the complaints procedures promptly

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

by when does a firm need to send a final response to a complaint

A

within 8 weeks

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

what happens if a complaint remains unresolved

A

explain why this is the case and when it is likely to be resolved

inform the complainant that they may approach the FOS within 6 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

how long does a complainant have to approach FOS

A

6 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

how many complaints does a firm need to receive before they need to publish transparency information

A

500 complaints in a given 6 month period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

what do firms breaching the complaints threshold need to publish (3 things)

A

total number of complaints opened and closed (includes all complainants)

number of complaints closed within 8 weeks

percentage of complaints upheld

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

what does FCA use published complaints data for

A

to produce a consolidated list of complaints data covering all affected firms

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

what can a firm do if a client does not reply to a written response by the firm

A

the firm can consider the complaint resolved

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

if a complainant is not satisfied with a firms final response, what can they do

A

go to the FOS

18
Q

complaints must be addressed to the firm first, true or false

A

true

19
Q

what is the FOS and its purpose

A

operationally independent of the FCA

free dispute resolution service for eligible complainants

private not public

20
Q

who appoints the board of the FOS

A

the FCA

21
Q

how is compensation awarded to complainants

A

subject to a limit and covers:

financial loss, pain and suffering, damage to reputation and distress and inconvenience

22
Q

what is true when a complainant accepts the award from the FOS

A

binding on the firm and the complainant

23
Q

what is true when a complainant rejects the award from the FOS

A

they can pursue the matter through the courts

24
Q

which firms are subject to compulsory jurisdiction

A

authorised firms conducting regulated activities

25
Q

which firms are subject to voluntary jurisdiction

A

firms conducting other investment business such as buy to let mortgage services can be subject to voluntary jurisdiction

26
Q

when can a client go if they dont receive a satisfactory response for a complaint to a pension provider

A

take the complaint to the POS (pension obudsman service)

27
Q

what does the compensation limit by the FOS depend on

A

date of the event complained about actually happened, as well as when it was brought forward to the FOS

28
Q

the limit for complaints on or after 1 april 2019 and which are referred on or after april 2023 is what

A

415,000

29
Q

the limit for complaints on or after 1 april 2019 and referred on or after 1 april 2022 is what

A

375,000

30
Q

the limit for complaints before 1 april 2019 referred on or after 1 april 2022 is what

A

170,000

31
Q

the limit for complaints before 1 april 2019 asnd referred after 1 april 2020 but before 1 april 2022 is what

A

160,000

32
Q

from april 2020, what has the award limit been linked to

A

CPI index and rounded down to the nearest 5,000

33
Q

who can make super complaints

A

certain HMT approved consumer bodies

34
Q

who can make mass detriment references

A

the FOS or by the firms themselves

35
Q

when can the firm itself make a mass detriment reference

A

if there has been regular failure by a firm to comply with regulatory requirements, resulting in loss or potential loss to consumers

firm acting in a way which if a complaint was to be made to the FOS, the FOS is likely to find in favour of the complainant

36
Q

within what time frame must the FCA respond to mass detriment or super complaints and what do they need to say

A

within 90 days, explaining what the FCA intends to do

37
Q

what is the application of the financial services compensation scheme

A

allows clients to claim losses when a firm goes into liquidation

38
Q

what is the maximum payout for the FSCS as a whole

A

unlimited

39
Q

who are eligible claimants under FSCS

A

most customers of the defaulting firm except:

other authorised firms
overseas financial institutions
supranational or government agencies
large companies or large mutual associations

40
Q

are temporary high balances covered in FSCS and how long

A

large deposits up to 1m are covered for up to 6 months, starting from the date the temporary high balance is credited to the individuals bank account

41
Q

what is the maximum payout for eligible claimants for deposits, investments and home finance

A

85k

42
Q

what is the max payout for compulsory and general insurance claims and which clients

A

all clients

100% for compulsory insurance claims

90% for general insurance claims

CISI Financial Regulations (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions