Consumer relationships in UK Financial services Flashcards
What is a client?
A person/ entity to whom a firm provides a service in the course of carrying on a regulated activity.
Why do adverts need to be clear and not use jargon?
Because people have different levels of understanding about financial products.
What should sellers do to adverts to avoid misleading customers.
Ensure promotions are balanced, that they highlight potential risks as well as benefits of product.
Not cherry pick data
What are some examples of eligible complainants
A consumer
A small business
a charity with annual income of less than 1 million.
What should a firm do at first when they receive a complaint .
They should assess fairly and consistently :
Whether the complaint should be upheld.
What remedial action may be appropriate
Whether another firm may be responsible for the matter.
How many reports of complaints should firms produce each year.
Two per year.
What should a complaint report show.
Complaints should be broken down into categories.
It should have the number of claims that have been upheld, and outstanding at the beginning + end of the reporting period.
