complaints and redress

Question 1

response for a complaint must be sent within

Answer 1

8 weeks

Question 2

how long does the complainant have to approach FOS form the date of firms last response

Answer 2

6 month

Question 3

complaint summary report is sent to the FCA every

Answer 3

6 months

Question 4

what does the summary report include

Answer 4

• total complaints received
• number of complaints resolved every 4 weeks and 4-8 weeks and over 8 weeks
• number of complaints outstanding
• number of complaints accepted as valid by the firm

Question 5

eligible complainant for FOS

Answer 5

retail client

Question 6

FOS compensates for

Answer 6

financial loss
pain and suffering
damage to reputation
distress
inconvenience

Question 7

complainant rejects FOS award has to do so in writing and then

Answer 7

can pursue matter at courts

Question 8

authorised firms and other firms (e.g. credit card ) are subject to ….. jurisdiction

Answer 8

mandatory jurisdiction and voluntary jurisdiction

Question 9

FOS compensation

Answer 9

£375000

Question 10

FSCS compensates when

Answer 10

when firm goes into liquidation

Question 11

maximum pay-out for deposits and designated investment business

Answer 11

£85,000 each per firm

Question 12

max pay out for insurance claims

Answer 12

100%

Question 13

for FOS to be eligible a person has to approach within —– of event, —- of knowing what happened and —– after received resolution from firm

Answer 13

6 yrs, 3 yrs , 6months

Question 14

compensation for deposits and designated business if combined account of 2 ppl and inside 110,000 then how much can receive from FSCS

Answer 14

85,000+85,000= 170,000 but 60,000 higher than what they had so compensated only 110,000

Question 15

FOS reasons for ‘rejecting a matter’

Answer 15

firms response was adequate
no loss, suffering was suffered
complaint was … and …