Complaints Procedures

Question 1

What 2 categories of complainant is the FCA concerned with?

Answer 1

Eligible and non-eligible complainant

Question 2

What does DISP stand for?

Answer 2

Dispute resolution complaints source book

Question 3

According to DISP what is the definition of a complaint?

Answer 3

Any oral/written expression of dissatisfaction, whether justified or not, from or on behalf of a person about the provision of or failure to provide a financial service which alleges the complainant has suffered financial loss, material distress or material inconvenience.

Question 4

How is an eligible complaint defined?

Answer 4

A consumer

Small company with fewer than 10 people with a turnover no more than 2 million

Charity with annual income less than 1 mill

Trust with value less than 1 mill

Question 5

How many years must complaints files be kept?

Answer 5

3 years from the date of the complaint

Question 6

If the complaint can be resolved early (3 working days) the complaint can be handled less formally without a final response - true or false?

Answer 6

True - an SRC would still need to be issued

Question 7

Which act introduced the FOS?

Answer 7

Financial services and markets act

Question 8

How often are companies meant to report complaints to the FCA?

Answer 8

Twice a year

Question 9

What is the max reward the FOS can make?

Answer 9

£150,000