Financial Ombudsman Service

Question 1

Disputes and complaints arise when :

Answer 1

Customer is not happy with outcome and the settlement offered.

Question 2

Systems and procedures have been put in place to deal with?

Answer 2

Disputes and complaints

Question 3

Which document outlines complaints procedure to be followed if dispute arises?

Answer 3

Policy Document

Question 4

Policy document outlines complaints procedure to be followed if dispute arises?

Answer 4

True

Question 5

Regulated firms are required to nominate senior individual, in a governing function to have responsibility for the complaints handling procedure, within firm such as :

Answer 5

Director, Chief Executive, Partner.

Question 6

Published complaints procedure does ONLY apply to the insured person?

Answer 6

True

Question 7

Director, Chief Executive, Partner are nominated by regulated firms as senior individual, in a governing function to have responsibility for the complaints handling procedure, within firm.

Answer 7

True

Question 8

Published complaints procedure does ONLY apply to the Third Party?

Answer 8

False (only applies to the insured person)

Question 9

The ultimate resolution for third party disputes are :

Answer 9

Litigation

Question 10

Published complaints procedure applies only insured not any third party?

Answer 10

True

Question 11

Litigation?

Answer 11

The ultimate resolution for third party disputes.

Question 12

What is a free independent and impartial service that deals with unresolved disputes?

Answer 12

Financial Ombudsman Service (FOS)

Question 13

Membership is compulsory for all authorised firms including intermediaries?

Answer 13

True (FOS)

Question 14

Which body has full rules and guidance to the handling of the complaints and on the operation of the FOS?

Answer 14

FCA handbook in the dispute resolution complaints source book
(DISP)

Question 15

Which body requires all firms to have a written complaint procedure?

Answer 15

Financial Conduct Authority (FCA)

Question 16

FCA requires all firms to have a written complaint procedure?

Answer 16

True

Question 17

What must a complainant do if not satisfied with final answer?

Answer 17

A procedure must include notification to the complainant that they have right to take complaint to FOS.

Question 18

In addition to the insured, the FOS only deals with disputes from eligible complainants?

Answer 18

True

Question 19

Who are the eligible complainants?

Answer 19

Consumers,
Consumer buy to let consumer,
Guarantors,
Charities with annual income of less than £6.5m,
Microenterprise with fewer than 10 employees and a turnover or balance sheet no more than 2m euros.
Small businesses with annual turnover less than £6.5m or a balance sheet of less than £5m and employees no more than 50.
Trustees with net asset value no more than £5m.

Question 20

Before a complainant can take their complaint to the FOS, they should have exhausted their internal complaints procedures?

Answer 20

True, within intermediaries or organisation.

Question 21

Any legal proceedings that are under way must be withdrawn prior to the complain approaching FOS?

Answer 21

True

Question 22

The complainant can refer to the FOS within earliest of?

Answer 22

Six months of the date in firms letter advising claimant of final decision

Question 23

FOS will not become embroiled in legal proceedings?

Answer 23

True

Question 24

In addition to the six months, the complainant can refer to the FOS within earliest of?

Answer 24

Three years after the complainant knew or should have known that they had caused for complaint

Question 25

In addition to the three years, the maximum the complainant can refer to the FOS within earliest of?

Answer 25

Six years after the event complained about.