Topic 25 - Consumer Rights, Complaints And Compensation Flashcards
What is the consumer rights act 2015
Applies to consumer contracts and gives consumers easy to understand rights relating to goods and services
What is an alternative dispute resolution
Aims to help when dispute between business and consumer cannot be settled directly
How are customers protected within the financial services sector
- Legislation
- Consumer bodies (which?)
- Compensation schemes
- Voluntary codes of practice
- Ombudsman bureau
Government departments within the FS industry
- HM Treasury
- HMRC
- The department for work and pensions
- The claims management regulator
- National coke agency (NCA)
What is the complains handling procedure
- Acknowledge
- Investigate
- Resolve
- Inform
- Advise
- Provide
What is a super complaint
Designated consumer bodies can complain if they consider some features of the FS market in the UK that is damaging the interests of consumers
What is the role of the financial ombudsman service
After customer complains to the firm and they are still dissatisfied with outcome, they can take their complaint to the FOS
What is a time-barred complaint
A complaint made outside of the time limits for referral to the FOS
What is the role of the pensions ombudsman service
They deal with complaints relating to personal/work based pension schemes and complaints about the pension protection fund (PPF)
What is the financial services compensation scheme (FSCS)
They provide compensation for customers who have lost money though the insolvency of an authorised firm
How long do the FCA expect firms to resolve the complaint
8 weeks
