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CII > IF1.10 Consumer Protection and Complaints Handling > Flashcards

IF1.10 Consumer Protection and Complaints Handling Flashcards

1
Q

GDPR

A

places a legal obligation on data processors & data controllers. Sets out data protection principles which give responsibility and accountability to organisations.

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2
Q

Processor

A

maintain records of personal data and processing activities

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3
Q

What information does GDPR apply to?

A

personal data of an individual (live)

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4
Q

Special categories of personal data

A

race, ethnic origin, politics, religion, trade union membership, genetics, biometric, health, sexual orientation & life.

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5
Q

data protection principles

A
  • data should be processed lawfully, fairly and transparently
    -data should only be collected for specified, explicit and legitimate purposes
  • Data should be adequate, relevant & limited
  • data should be accurate and up to date
  • data should not be kept longer than necessary
  • There should be adequate security & protection
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6
Q

What are the 6 lawful bases for processing data?

A
  1. Consent (must opt in)
  2. processing is necessary for a contract
  3. ” “ to comply with the law
  4. ” “ to protect an individual
  5. ” “ for public interest & for a firm to fulfil its function
  6. ” “ for the legitimate interest of the firm
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7
Q

rights for individuals under GDPR

A
  • right to be informed
  • right of access
  • right to rectification
  • right to erasure
  • right to restrict processing
  • right to data portability
  • right to object
  • rights in relation to automated decision making and profiling
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8
Q

Data protection act 2018

A
  • ensuring sensitive data can be processed confidentially
  • restricting rights to access and delete data where there are legitimate grounds for doing so
  • setting the age from which parental consent is not needed to process data online
  • proving the ICO with enhanced powers to regulate and enforce data protection law
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9
Q

Consumer Rights Act 2015
Fairness

A

it ensures that terms used in contracts and notices will only be binding upon the consumer if they are fair

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10
Q

define transparent

A

A term is transparent if it is expressed in plain and intelligible language and is legible

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11
Q

define prominent

A

A term is prominent if it is bought to the consumers attention in such a way that an average consumer would be aware of the term.

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12
Q

Unfair Terms according to the Consumer Rights Act 2015

A
  1. terms which exclude/ hinder the consumers right to take legal action or exercise any other legal remedy
    e.g. restricting evidence available to the consumer
  2. Terms which alter the terms of the contract unilaterally without valid reason
  3. disproportionately high charges
  4. terms allowing the trader to decide the price after the contract has been signed
  5. terms allowing the trader to determine the characteristics of the subject matter after the conclusion of the contract.
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13
Q

What happens if an insurer is using unfair terms

A

The Competition and Markets Authority (CMA) or the FCA will amend the term, and bring an injunction to prevent further use of the terms.

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14
Q

ethical Standards

A

The way in which a moral outcome can be achieved in given circumstances concerning the behaviour and conduct people.

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15
Q

CIIs requirements of ethical behaviour

A
  • integrity
  • fairness
  • high value service
  • clients interest
  • compliance
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16
Q

What are the 3 key areas of training and competence firms need to consider (according to the FCA)

A
  1. assessing competence
  2. maintaining competence
  3. record-keeping
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17
Q

Define complaint

A

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

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18
Q

Eligible Complainants

A
  • consumer
  • micro-enterprise
  • charity with annual income less than 6.5m
  • a trustee with less than £6.5m
  • consumer buy-to-let
  • small business
  • guarantor
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19
Q

What happens with non-eligible complainants

A

firms must have in place, and operate appropriate procedures for registering and responding to the expression of dissatisfaction.

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20
Q

How long must complain files be held

A

at least three years

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21
Q

What is the time limitation for a complaint

A

A firm must write a final response or at least a written response explaining why they can’t write a final response WITHIN 8 WEEKS

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22
Q

What is a final response

A

a written response that
- accepts/rejects the complaint where appropriate
- offers redress or remedial action (even sometimes if they rejected)
- encloses a copy of the FOS standard explanatory leaflet & informs complainants if they are still dissatisfied they can contact the FOS

23
Q

Financial Ombudsman Service (FOS)

A

an independent body that has a memorandum of understanding with the FCA and deals with disputes from eligible complainants.

24
Q

What must a complaint have before it can be referred to the FOS

A

a final response

25
Q

How long does the complainant have to refer the matter to the FOS

A

6 months from the date of the final decision

26
Q

What is the maximum amount the FOS can require a firm award for a complaint

A

£375000

27
Q

Financial Services Compensation Scheme (FSCS)

A

a compensation fund of last resort for customer of deposit-taking companies and investment firms. The cover claims against firms where they are unable, or likely to be unable to pay claims against them.

28
Q

How much protection do people with compulsory insurance, long-term insurance & claims for injury & sickness have from the FSCS

A

100%

29
Q

How much protection does any general policy get from FSCS

A

90%

30
Q

Controller

A

A person has data, stores data and can do something with it (transfer or process)

31
Q

Personal Data

A

data you can identify a personal with

32
Q

If there is a data protection breach how is it reported to?

A

The information commissioners office (ICO)

33
Q

What are the powers of the ICO

A
  • fine (up to £17.5 mil or 4% of annual turnover)
  • can bring criminal proceedings against a data controller or processor (if they have altered data after a SAR with bad intent)
34
Q

What are the central principles of the CII code of ethics

A
  • compliance with the code of ethics
  • act with high ethical standards (act with integrity)
  • act with the best interests of the clients
  • provide a high standard of service
  • do not discriminate
35
Q

Principles of training and competence

A
  • employ personnel with skills & knowledge necessary for their role
  • take into account the nature, scale and complexity of its business
36
Q

How many hours of informal study do you need to for continuous professional development plan for the CII?

A

35 hours (15 hours for IDD)

37
Q

What can a eligible complainant do which non-eligible can’t?

A

Pursue a complaint via the FOS

38
Q

Maintenance of training and competence must take account of

A
  • technical knowledge
  • skills
  • changes in market to products, legislation and regulation
39
Q

What is a micro enterprise

A

less than 10 employees and turnover less than 2 million euros

40
Q

How many days does a complaint have to be resolved early?

A

3 business days

41
Q

When is a summary resolution letter sent (summarises the result & saying they can go to the FOS)

A

when a complaint is resolved within 3 working days.

42
Q

Can you go directly to the FOS?

A

No, you have to complain to your insurer who then must provide a written response

43
Q

What type of membership is that of the FOS

A

compulsory for a fee

44
Q

What are the tiers of awards from the FOS for complaints before 1 april 2019

A

150 000

45
Q

What are the tiers of awards from the FOS for complaints about acts before apr 2019 which are referred after that date

A

160 000

46
Q

What are the tiers of awards from the FOS for complaints after apr 2022 about acts before apr 2019

A

170000

47
Q

What are the tiers of awards from the FOS for complaints between apr 2019 and march 2020 about acts after apr 2019

A

350 000

48
Q

What are the tiers of awards from the FOS for complaints between apr 2020 and march 2022 about acts after apr 2019

A

355 000

49
Q

Which data protection rights only apply in certain circumstances?

A

right to erasure & restrict processing

50
Q

Central principles of the CIIs code of conduct

A
  • comply with code, regulations & laws
  • act with high ethical standards and integrity (be financially responsible)
  • Act with the best interests of each client
  • provide a high standard of service
  • treat people fairly
51
Q

IDD & complaints procdures

A

Th IDD places requirements on insurers and reinsurers in respect to dispute resolution.

52
Q

The financial Services Compensation Scheme

A

covers claims agaisnt firms where they are no longer able to pay out.

53
Q

When will FSCS give a 100% refund?

A

compulsory insurances, long term insurance & injury/sickness of the policyholder

CII (28 decks)

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