Regulatory Awareness Flashcards
How many outcomes for consumers are there?
6
List 2 points the FCA say TCF is NOT:
Being nice to customers and improving levels of satisfaction
Requiring firms to offer the same or higher levels of service
Inhibiting innovation or new products
Designing or marketing difference products for each individual customer
The FSA deciding which products should be sold to which customers and at what price
Removing the customers responsibility for their decisions
Creating new rules or obligations for firms
Inventing checklists for firms to comply with
Ratcheting up standards of behaviour retrospectively or in the future
Expecting new bureaucracies or management information to be created by firms
List 2 points the FCA say TCF is:
A principle to be applied appropriately in all situations
Something which applies to the whole customer life cycle and to all parties involved e.g. outsourced services
A mind-set and not about systems or rulebooks
Integrated into existing management structures and ways of doing business
Putting the customer’s interest at the heart of our business, structure and culture
Why does Zurich have to comply with TCF?
It is an FCA requirement – fines will be imposed by the FCA on Zurich if they consider we have treated our customers unfairly, or there is the potential for us to do so.
What is the FCA and what is their statutory objective?
The Financial Conduct Authority - Protecting and enhancing confidence in the UK Financial Services 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
Effecting and carrying out contracts of insurance
Managing and Underwriting capacity at Lloyds
Communicating or approving financial promotion
When did ICOBS rules come into force?
6th January 2008
What are the 3 sub-objectives for 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
Give an example of an inducement:
Cash Commission Goods Hospitality Training Programmes
What is ZCDi and when would you use it?
Zurich Complaints Database and this is for logging complaints resolved by close of business next working day ONLY
What should you do if a complaint is outside your empowerment level?
Pass the customer to the complaints hub, firstly refer to a manager or technical consultant
How long have Zurich deemed appropriate to retain information?
3 years
How many chapters are there in ICOBS?
8
