Regulatory Awareness Flashcards
How many outcomes for consumers are there?
6
Two points that the FCA say TCF is not
Being nice to customers and improving levels of satisfaction, and Inventing checklists for firms to comply with
List two points the FCA say TCF is
A principle to be applied appropriately in all situations And a mindset and not about systems or rulebooks
Why does Zurich have to apply with TCF?
It is an FCA requirement - Fines will be applied if not followed and if Zurich do not treat customers fairly
What is the FCA and what is their statutory objective?
The financial conduct authority - Protecting and enhancing confidence in the financial service market
When did the FCA come into force?
1st April 2013
What does ICOBS stand for and what does it relate to?
Insurance conduct of business sourcebook - an insurance mediation activity, managing and underwriting capacity at Lloyd’s
When did ICOBS rules come into force ?
6th January 2008
What are the three sub objectives of the FCA?
Securing consumer protection, Efficiency and choice in the financial sector, and Protect and enhance integrity in the UK financial sector
What must we ensure our promotions are?
Clear, fair , and not misleading
What is an example of inducement?
Cash, commission, or goods
What is ZDCi and when would you use it?
Zurich’s complaints database and this is for logging complaints resolved by close of business next working day ONLY
What should you do if I a complaint is over your empowerment level?
Passed to the customer complaint hub, firstly refer to manager
How long have Zurich deemed appropriate to retain information?
3 years
