Chap 1

Question 0

Icobs 8 claims

Answer 0

Handle promptly and fairly
Provide reasonable guidance to help make claim
Not unreasonably reject claim
Settle claim promptly

Question 1

Prudential reg auth pra - micro

Financial conduct authority (fca) micro

Answer 1

Pra - to minimise failure
Minimise failure of authorised person on financial system and doesnt bring system down.
Fca - market function. Consumer prot. Integrity. Competition

Question 2

Icobs 8 stance on claims rejection

Answer 2

Unreasonable except where evidence fraud
Non disc mat fact - ph must have been reasonably expected to disclose
Non neg misrepresentation of mat fact
Breach of warranty or cond - must be linked to the circumstances of claim

Question 3

Tpas / outsourcers icobs 8

Answer 3

Insurer remains responsible for meeting icobs
Firm retains reg responsibility
Tcf applies
Performance to be reviewed against slas
Insurers to embrace reg auditing

Question 4

Complaints

Answer 4

Interbal handling procedures must be written for handling, responding, receiving, referring complaints & notifying complainants of their right to go to fos

Question 5

Fos complaints

Answer 5

Micro <2m
Max award 150,000
Insured can still take matter to court

Question 6

Tcf outcomes

Answer 6

Products / services to meet target correct groups
Tcf central to culture
Clear info before during and after pos
Suitable advice
Product to perform as expected
No unreasonable post sale barriers

Question 7

Fsma 2000 -4 statutory objectives

Answer 7

Maintain confidence in fin system
Financial stability
Securing right degree of protection for consumers
Helping to reduce financial crime

Question 8

Fsa 11 principles of business

Answer 8

Conduct business with integrity
Due skill, care, dilligence
Reasonable care to control affairs
Maintain adequate financial resources
Proper standards of market conduct
Communication clearly, non mis leading
Manage conflicts of interest fairly
Ensure suitability of advice
Arrange adequate protection for clients assets
Deal with regulators open and co operative

Question 9

Pra objective framework

Answer 9

Potential impact on PH/s& financial system if failure occurs

Macroeconomic

Question 10

Fca - 3 operational objectives

Answer 10

Consumer protection
Integrity
Competition

Question 11

Complaints to fos can be brought by

Answer 11

Private individs

Micro enterprises

Question 12

Fos to resolve complaints

Answer 12

In view of relevant law, relevant regs, relevant codes of practice, what is considered good industry practice