Financial Ombudsman Service II

Question 1

These have expired, and the organisation or intermediary can object to the FOS taking on the complaint on the grounds that it is :

Answer 1

Time - Barred

Question 2

What are the exceptional circumstances that are outside these time limits is the FOS able to consider?

Answer 2

Cases involving pension transfers and opt outs.

Question 3

If organisation agrees can the FOS review cases outside the time limits?

Answer 3

True

Question 4

What happens if parties fail to provide necessary information or documents by the the FOS requirements?

Answer 4

Treated as a contempt of court

Question 5

Who must cooperate with FOS?

Answer 5

All authorised firms

Question 6

What’s the time aim of the FOS for investigating and answering complaints?

Answer 6

3 months

Question 7

What time opportunity does FOS give complainants?

Answer 7

Representations then hearing.

Question 8

Most disputes handled by FOS are resolved through?

Answer 8

Informal adjudication and Mediation

Question 9

Who handles most FOS disputes and resolutions?

Answer 9

Caseworker or adjudicator

Question 10

Parties have NO right to appeal to the initial outcome?

Answer 10

False, (parties do have rights to appeal to the initial outcome)

Question 11

Who will make final decision of an appeal???

Answer 11

One of the panel of the Ombudsmen

Question 12

What does FOS take into account when making decision?

Answer 12

FCA rules and guidance,
Law,
good practice,
ABI statement and code of good practice…

Question 13

FOS is bound by the law or legal precedent and will make judgement on merits of each case?

Answer 13

False,. (FOS NOT bound by the law or legal precedent and will make judgement on merits of each case)

Question 14

What is aim of FOS?

Answer 14

Consistent

Question 15

What are two ways of redress award?

Answer 15

Money award,

Directions award.

Question 16

What is Maximum FOS can award in monetary terms?

Answer 16

£355,000 for complaints made on or after 1 April 2020 about acts or omissions by firms in or after 1 April 2019

Question 17

Who makes payment?

Answer 17

Firm

Question 18

Can FOS recommend higher figure?

Answer 18

Yes but this will not be binding on the firm.

Question 19

Lower figures exist for complaints arising from earlier dates?

Answer 19

True

Question 20

What is directions award?

Answer 20

FOS, tells the firm what action it needs to take to put things right for customer.

Question 21

In directions award, what would the FOS direct the firms to do?

Answer 21

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,

Question 22

The decision within reasons must be notified to the complainant and respondent, (the firm about which the complaint is made)?

Answer 22

In writing

Question 23

What does the complainant do after decision?

Answer 23

Accept or reject within time specified

Question 24

If the complainant accepts decision, it is binding on the respondent?

Answer 24

True

Question 25

Who specifies time???

Answer 25

Financial Ombudsman Service (FOS)

Question 26

If the complainant accepts decision, it is binding on the respondent?

Answer 26

True

Question 27

But,

If complainant rejects decision, it is not binding and?

Answer 27

They are free to pursue matter in court.

Question 28

If complainant does not respond to the FOS decision letter,?

Answer 28

It is treated as rejection and the complainant is not bound by decision.

Question 29

FOS funded by?

Answer 29

General levy paid by all firms & Case fee payable by the firm to which the complaint relates.