Financial Ombudsman Service II Flashcards
These have expired, and the organisation or intermediary can object to the FOS taking on the complaint on the grounds that it is :
Time - Barred
What are the exceptional circumstances that are outside these time limits is the FOS able to consider?
Cases involving pension transfers and opt outs.
If organisation agrees can the FOS review cases outside the time limits?
True
What happens if parties fail to provide necessary information or documents by the the FOS requirements?
Treated as a contempt of court
Who must cooperate with FOS?
All authorised firms
What’s the time aim of the FOS for investigating and answering complaints?
3 months
What time opportunity does FOS give complainants?
Representations then hearing.
Most disputes handled by FOS are resolved through?
Informal adjudication and Mediation
Who handles most FOS disputes and resolutions?
Caseworker or adjudicator
Parties have NO right to appeal to the initial outcome?
False, (parties do have rights to appeal to the initial outcome)
Who will make final decision of an appeal???
One of the panel of the Ombudsmen
What does FOS take into account when making decision?
FCA rules and guidance,
Law,
good practice,
ABI statement and code of good practice…
FOS is bound by the law or legal precedent and will make judgement on merits of each case?
False,. (FOS NOT bound by the law or legal precedent and will make judgement on merits of each case)
What is aim of FOS?
Consistent
What are two ways of redress award?
Money award,
Directions award.
What is Maximum FOS can award in monetary terms?
£355,000 for complaints made on or after 1 April 2020 about acts or omissions by firms in or after 1 April 2019
Who makes payment?
Firm
Can FOS recommend higher figure?
Yes but this will not be binding on the firm.
Lower figures exist for complaints arising from earlier dates?
True
What is directions award?
FOS, tells the firm what action it needs to take to put things right for customer.
In directions award, what would the FOS direct the firms to do?
Apologise personally to the consumer,
Calculate and pay redress to an approach or formula set by regulator.
Pay an insurance claim that has been rejected,
The decision within reasons must be notified to the complainant and respondent, (the firm about which the complaint is made)?
In writing
What does the complainant do after decision?
Accept or reject within time specified
If the complainant accepts decision, it is binding on the respondent?
True
Who specifies time???
Financial Ombudsman Service (FOS)
If the complainant accepts decision, it is binding on the respondent?
True
But,
If complainant rejects decision, it is not binding and?
They are free to pursue matter in court.
If complainant does not respond to the FOS decision letter,?
It is treated as rejection and the complainant is not bound by decision.
FOS funded by?
General levy paid by all firms & Case fee payable by the firm to which the complaint relates.
