Complaints And Redress

Question 1

Complaints procedures of the firm must be… (3)

Answer 1

In writing
Published
Communicated to all staff

Question 2

A final response on a complaint must be sent within how long?

Answer 2

8 weeks

Question 3

To whom can a complainant appeal?

Answer 3

FOS

Question 4

A summary report to the FCA must be sent how often?

Answer 4

Every 6 months

Question 5

What is the maximum award of compensation the FOS will give?

Answer 5

£150,000 plus any reasonable costs

Question 6

Who is subject to compulsory jurisdiction?

Answer 6

Authorised firms conducting regulated activities

Question 7

What are the four stages of the FOS?

Answer 7

Mediation
Investigation
Provisional assessment
Written statement of determination

Question 8

Under what circumstances would someone appeal to the Financial Services Compensation Scheme (FSCS)?

Answer 8

When claiming for losses when a firm goes into liquidation

Question 9

What are the maximum amounts that can be claimed through the FSCS?

Answer 9

£85,000 in deposits

£50,000 in investments