Regulatory Awareness

Question 1

Who regulates insurance

Answer 1

The FCA and PRA

Question 2

FCAS objectives and sub objectives

Answer 2

Protecting and enhancing the confidence within the UK financial market

Securing consumers protection
Efficiency and choice within the financial sector
Protect and enhance integrity in the UK financial sector

Question 3

What is TCF

Answer 3

Treating customers fairly and paying due regard to the interests of their customers

Question 4

FCAS six outcomes for consumers

Answer 4

Consumers can be confident that they are dealing with firms where the fair treatment of consumers is central to the corporate culture

Products and services marketed and sold in the retail market are designed to meet the needs of identified consumer groups and are targeted accordingly

Consumers are provided clear information and are kept appropriately informed before during and after the point of sale

Where customers receive advice, it is suitable and takes account of their circumstances

Consumers are provided with products that perform as firms have led them to expect and the associated service is an acceptable standard as they have been led to expect

Consumers do not face unreasonable post sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint

Question 5

Zurich’s six fundamentals

Answer 5

Ensuring our offer is acceptable 
Making our offer clear 
Delivering what we said we would 
Fixing things when they do wrong 
Never seeking to take advantage of customers 
Keeping our customers informed

Question 6

Why comply with tcf rules

Answer 6

Because it is a legal requirement

Question 7

What is ICOBS

Answer 7

Insurance conduct of business sourcebooks

Question 8

The rules of ICOBS?

Answer 8

An insurance mediation activity
Effecting and carrying out contracts of insurance
Managing and underwriting capacity of Lloyd’s syndicate as a managing agent at Lloyd’s
Communicating or approving financial promotions

Question 9

ICOBS chapter 8?

Answer 9

Is dedicated to claims handling

Question 10

ICOBS general matters are?

Answer 10

Financial promotion
Inducements
Record keeping
Exclusion of liability

Question 11

Product information is?

Answer 11

Price disclosure
The law applicable to the contract 
Complaints handling procedures 
The EEA (European economic areas) state of the insurer 
Cancellation provisions

Question 12

Cancellation of policy is?

Answer 12

Cancellation rules do not apply for short term or contracts that have been met in full. 
Give consumer (not commercial consumer) cooling off period of 14 days.

Question 13

What is distance communications?

Answer 13

Rules apply to protect consumers into an insurance contract through an organised distance sales or service scheme
They exist to provide extra protection to those who have not had the benefit of direct advice in relation to insurance contract.
Information in a prescribed form must be supplied before the conclusion of the contract.

Question 14

Claims handling is?

Answer 14

Insurer is responsible for handling of claims whether personally undertaken, delegated our outsourced.

Question 15

Complaints?

Answer 15

Any oral or written expression of dissatisfaction whether justified or not from or on the behalf of a person about the provision or failure to provide a financial service

Question 16

How to handle complaints

Answer 16

Recognise complaint 
Establish customer needs 
Able to resolve complaint 
Log complaint 
Outside empowerment 
Investigation required 
Asses investigation time

Question 17

Document retention

Answer 17

3 years