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Cemap > unit 25 > Flashcards

unit 25 Flashcards

1
Q

what is the maximum amount the FOS can award as compensation for complaints

A} 85,000
B)100,000
c) 355,00
D) 500,00

A

C

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2
Q

how long does a firm have to resolve a complaint before the customer can refer it to the FOS?
a) 8 days
b) 4 weeks
C) 8 weeks
d) 12 weeks

A

C) 8 weeks

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3
Q

when a customer makes a complaint, how long does the firm have to acknowledge receipt of the complaint?
a) 5 working days
B) 1 week
C) 10 working days
D) 2 weeks

A

A) 5 working days

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4
Q

If a customer is not satisifed with the respond from a firm, within how many months must they refer the complaint to the FOS?
A) 3 months
B) 6 months
C) 12 months
D) 24 months

A

B) 6 months

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5
Q

what should a firm provide to a customer if their complaint cannot be resolved immediately?
a) A refund
B) summary of the case
C) a written acknowledgement
D) A personal apology from the CEO

A

C) acknowledgement

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6
Q

how long must firms retain record of complains for non-MiFID Market in finical instruments directive business?
a) 6 months
b) 1 year
c) 3 years
D) 5 years

A

c) 3 years

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7
Q

under the FCA rules, how quickly must a firm provide a final response to a clients complaint?
a) within 4 weeks
b) within 6 weeks
c) within 8 weeks
D) within 12 weeks

A

C) 8 weeks

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8
Q

How long must firms retain records of complaints for MiFID business?
a) 1 year
B) 3 years
C) 5 years
D) 6 years

A

c) 5 years

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9
Q

what is the time limit for making a pension complaint to the pensions ombudsman?
a) 3 years from the event
b) 6 months from the final response
c) 6 years from the vent or 3 years from becoming aware of the issue
D) 12 months

A

c)

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10
Q

what action must a firm taken when receiving an oral complaint from a customer?

a) treat is formal complaint and follow the complaint procedure
B) ignore it until it’s received in writing
c) record the complaint but take no action
d) resolve it within 48 hours and no further action is need

A

A)

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11
Q

If a complaint is resolved to the satisfaction of the customer by the end of third business day, what document must the firm send to the customer?
A) a full investigation report
B) a Summary resolution communication
C) A final response letter
D) an apology for the complaisance office

A

B) summary resolution communication

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12
Q

What must a firm include in its final response to complaint?

a) A refund and apology
b) details of the investigation process
c) a decision on the complaint and information about the financial ombudsman services
d) a detailed account of the customer complaint history

A

C)

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13
Q

For how long must complaints related to pensions be kept by a firm?
A) 3 years
B) 5 years
C) 6 years
D) indefinitely

A

c) 6 years

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14
Q

How long must firms retain records of complaints related to insurance business?
A) 3 years
B) 5 years
C) 6 years
D) indefinitely

A

C) 6 years

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15
Q

How long must firms keep records of complaints related to a pension transfer, pension opt-out or free standing additional voluntary contributions FSACS?

a) 3 years
b) 5 years
c) 6 years
d) indefinitely

A

d) infinitely

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16
Q

Which of the following is NOT considered an eligible complainant under the FCA DISP rules?

A) a customer acting outside their business

B) A charity with an annual income of less than 6.5 million

C) A limited company with a turnover of £10 millions

D) A micro-enterprise with fewer than 10 employees and annual turnover of less than 2 millions

A

C) A limited company with a turnover of 10 million

17
Q

Who qualifies as an eligible complainant under the FCA rules?

A) A customer acting in a business capacity

B) a large corporation with over 250 employees

c) a small business with less than 50 employees

D) a local authority acting in a professional in investment capacity

A

C)

18
Q

What is the maximum amount of pension contributions that a customer can get refunded if they cancel a pension within the cancellation period?

a) all contributions miunus any initial charges

B) all contribtuion minus investment losses

c) All contributions minus a 10% admin fee

d) No refund after 14 days

A

B)

19
Q

Which of the following is an example of someone who is NOT considered an eligible complainant under FCA rules?

A) a private individual

B) A small charity with an income of £4 million

C) A partnership with fewer than 10 employees

D) A large business with a turnover exceeding £6.5 million

A

D

20
Q

Which of the following is not as FSCS sub-scheme?
A) deposit
B) general insurance
C) Property Law
D) Home finance

A

C)

21
Q

What is the role of FOS ?

A) to regulate financial institutions

B) To provide free, independent dispute resolution between consumers and financial services firms.

C) To offer financial advise

D) To manage debt relief orders

A

B

22
Q

What is a super- complaint and who can make it?

a) A complaint made by any customer with unresolved issue

B) A complaint made by a finical adviser about regulation

C) A complaint submitted by a designated consumer body on issues that harm a group of customers

D) A complaint made by a business regarding competition issues

A

c

23
Q

Under the FCA’s DISP rules, what must a firm do if it identifies a recurring or systemic issue during root cause analysis of complaints?

A) ignore the issue and resolve complaints individual.

B) Offer compensation to all affected customers without a formal response

c) Report the issue to the FCA and take steps to prevent recurrence

d) send a formal apology letter to all customers.

A

C

24
Q

What is the main responsibility of the money and pensions services (maPS)?

A) regulate pensions providers

B) to provide free and impartial guidance on money and pensions

c) to offer debt advise to large corporations

D) to process complaints related to mortgages.

A

B

25
Q

Under the consumer right act 2015, what are consumers entitled to if the financial product they purchased was not as described?

A) A full refund within 20 days of purchase

B) Compensation equal to 10% of the product value

C) A replacement product only

D) no right to refund, only a repair

A

A

26
Q

How long does a firm have to submit a report to the FCA when a serious breach affecting multiple customer in discovered?

A) 24 hours
B) 3 working days
C) 7 working days
D) 30 days

A

B) 3 working days

Cemap (4 decks)

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