Unit 6 Flashcards
Fca 6 customer outcomes
1 ) customer can be confident where they are dealing with a firm where there is fair treatment
2) product and services marketed and sold in retail markets are designed to meet the needs of the customer
3) customer provided with clear information and are kept appropriately informed before after and after the point of sale
4 ) customer receives advice - the advice is suitable
5) customer provided with products that perform as firms have led them to expect.
6) customer dont deal with unreasonable post sale barbers imposed by the firms to change product
FCA - financial conduct authority customer duty principle
A firm must act to deliver good outcomes for customers
Customer duty - new conduct rule
You must act to deliver good outcomes for customers
Customer principle
1)customer principle - every one that works there delivers good outcomes for retail customers
Customers still have a responsibility for their choices
Customer should have access to all information to make an informed decision
Customers should trust product and designed to meet their needs
Three cross cutting rule
How firms should act when meeting their obligations under the consumer principle
1) act in good faith
2) avoid schedule foreseeable harm
3) enable and support retail customers to pursue their financial activities
Four outcomes
1) government if product and services - helping customers chose products and services that fit their needs
2) price and value - fair value for their money
3) customer understanding
4) customer support
LSB- lending standard boards
Rules based conduct
Rules that are to be followed - it’s what employees can and can’t do. It leave little room for misunderstanding.
Disadvantaged: could be something might come up which there rules don’t cover
A principle based code
Sets out broad, high level principles or values that guides the behaviors of members, does not provide rules for everything its more flexible and has a wider scope.
Disadvantage : people have no specific guidance or rules to follow for specific situations
Algorithm
Collection of data to make a decision used by AI
Disadvantage the machine does not know from right to wrong.
Does not seem professional as there’s not trust between the machine and the customer
Automation and bias
Human decision is biased- suffer from ohysical stress. Attention levels could fall if the human is tired
Machine don’t suffer from theese
Human build the algorithms that machines use to make their decisions.
Human bed these information into algorithms.
Machine bias is objective based on Mathematical.
Machine bias harder to diagnose than human may remain incorrect.
Machine not asked to defend its decision.
Uk &eu whistle blower
Protect people workers, trainees and agency workers. They will not lose their jobs
If it under the following
A criminal offence
Danger of health and safety
Risk
Miscarriage of justice
Transgression of law by the employer
Wondering by covering it up
Australia whistle blower
Large company have whistle blowing policy under corporation act 2001
Protects whistle
Companies can face civil and crumble lability where they do not meet the requirements
Enchanted in 2019 to broaden it.
Indian whiteblowing
The he company act 2013 requires some countries to have whistle blowing processes. While blowing protection act 2014 encourages individuals working in the public secoro to whistle blow
Does not allow anonymous whistle blowijgn
The EU
Vital for maintaining open and transparent society, exposes misconduct or hidden threats
Detect and prevent misconduct and breach of law
Improve law enforcement by establishing effective
Protecting whilstblowers
