REGS BIBLE Chapter 5 Flashcards
What 5 persons come under eligible complainants?
- consumers (RCs)
- business with fewer than 10 employees and turnover less than 2m euros (micro -enterprise)
- charities w annual income less than £6.5m
- trusts w net assets less than £5m
- Certain SMEs w annual turnover less than £6.5m and balance sheet threshold of £5m/fewer than 50 employees
what is the requirement for a SME i=to be an eligible complainant?
Annual turnover less that £6.5m and BS threshold £5m/less than 50 employees
What is a microenterprise?
fewer than 10 employees
less than 2m euros turnover
which charities are considered eligible complainants?
annual income less than £6.5m
which trusts are eligible complainants?
net assets less than £5m
what 2 requirements are there for the person investigating a complaint?
must have power to resolve it
must not have been involved in incident
when can firms not disclose complaints?
if complaint is resolved within 3 business days
What are the record keeping time requirements for MiFID and UCITS business vs all other business?
5 years
other: 3 years
how long does the FCA have to respond to super complaints/mass detriment references?
90 days
Under the FSCS what can all clients claim for?
100% compulsory insurance
90% general insurance
What can eligible claimants claim for under FSCS and what is max compensation?
deposits, investments, home finance
£85k
What is the max payout for the entire FSCS scheme?
Unlimited
For how long are temporary high balances (large deposits) covered by the FSCS and up to what amount?
up to 12 months
up to £1m
What persons are excluded from eligible claimants?
- other authorised firms
- overseas financial institutions
- supranational/governmental agencies
- large companies/large mutual associations
when can ECPs claim for insurance?
- if they are a small business (eg sole trader) and the claim arises from business outside of their expertise
