Complaints and Redress Flashcards
(42 cards)
who counts as eligible complainants
consumers (retail who is a person)
biz with fewer than 10 employees and turnover less than 2m euros
charities with annual income less than 6.5m pounds
trusts with net assets less than 5m pounds
certain SMEs with annual turnover less than 6.5m and balance sheet threshold of 5m or fewer than 50 employees
what must be true about the person responsible for investigating complaints
must have the power to resolve the complaint or get it resolved
must not have been involved in the event that led to the complaint
how and when (3 times) do complaints procedures need to be disclosed
in writing
at first point of contact or when documentation is first provided
on request
when a complaint is received
when do complaint procedures regarding a received complaints not need to be disclosed
if the complaint is resolved within 3 business days
a firms procedures for complaints should provide for what (4 things)
receiving complaints
responding to complaints
investigating complaints
notifying complainants of the FOS
how should firms use complaints
to identify any systematic problems
what must a firm keep a record of in regard to complaints
a record of each complaint received and the measures taken to resolve it
records are kept from when, and how long for mifid and other biz
kept from the date the complaint was received
MiFID or UCITS business - 5 years
other business - 3 years
what must a firm do when it receives a complaint
send written acknowledgement of a complaint and a copy of the complaints procedures promptly
by when does a firm need to send a final response to a complaint
within 8 weeks
what happens if a complaint remains unresolved
explain why this is the case and when it is likely to be resolved
inform the complainant that they may approach the FOS within 6 months
how long does a complainant have to approach FOS
6 months
how many complaints does a firm need to receive before they need to publish transparency information
500 complaints in a given 6 month period
what do firms breaching the complaints threshold need to publish (3 things)
total number of complaints opened and closed (includes all complainants)
number of complaints closed within 8 weeks
percentage of complaints upheld
what does FCA use published complaints data for
to produce a consolidated list of complaints data covering all affected firms
what can a firm do if a client does not reply to a written response by the firm
the firm can consider the complaint resolved
if a complainant is not satisfied with a firms final response, what can they do
go to the FOS
complaints must be addressed to the firm first, true or false
true
what is the FOS and its purpose
operationally independent of the FCA
free dispute resolution service for eligible complainants
private not public
who appoints the board of the FOS
the FCA
how is compensation awarded to complainants
subject to a limit and covers:
financial loss, pain and suffering, damage to reputation and distress and inconvenience
what is true when a complainant accepts the award from the FOS
binding on the firm and the complainant
what is true when a complainant rejects the award from the FOS
they can pursue the matter through the courts
which firms are subject to compulsory jurisdiction
authorised firms conducting regulated activities
