Complaints handling, recording and redress

Question 1

What date did rules change that prevents an employer from automatically retiring staff at a certain age subject to certain excluded occupations?

Answer 1

6th April 2011

Question 2

What is the definition of a 3 day complaint?

Answer 2

A complaint that has been resolved within 3 business days after we received the complaint

Question 3

How can a client make and register a complaint?

Answer 3

A client can make their complaint orally or in writing

Question 4

If the client asks about our compliant procedures at any time, which of the following documents should be provided to them?

Answer 4

“Dealing with your complaint” guide

Question 5

Who should you notify in the event of a potential conflict of interest?

Answer 5

A member of the Compliance Support Team

Question 6

How many days does a complaint need to be resolved before it becomes a formal complaint?

Answer 6

3 days

Question 7

What document is sent to a client who raises a 3 day complaint that involves a payment?

Answer 7

Summary resolution document

Question 8

The Ministry of Justice provides six principles to help companies apply appropriate procedures to comply with the Bribery Act, which of the following is not a principal:

Answer 8

Complaints handling procedures

Question 9

A client is unhappy that you have not contacted them on the agreed time, you have contacted the client and resolved the matter within 1 business day. What should you do next?

Answer 9

Notify the Compliance Support team and they will log this as an informal complaint

Question 10

The 3 day complaint process dictates that:

Answer 10

If the matter cannot be informally resolved to the client’s satisfaction by close of business, 3 business days after being raised with you, you must notify Compliance Support promptly and it will then be registered as a formal complaint

Question 11

If a informal complaint has been resolved within the timeframe permitted, how long do we have to complete any proposed actions?

Answer 11

It can be completed after the 3 day period if the client agrees to it

Question 12

Which documents are issued to the client upon receipt of a formal complaint?

Answer 12

Formal acknowledgement letter and a copy of the “dealing with your complaint” guide

Question 13

Under FCA rules, all complaint records must be kept for a minimum of how many years?

Answer 13

3 years

Question 14

Once a 3 day complaint has been resolved within the timeframe permitted and the client is happy with the resolution, which of the following does NOT need to be emailed to ‘AH Complaints (Informal)?

Answer 14

The case manager’s name

Question 15

What is the income threshold you must be below in order to receive child benefit support?

Answer 15

£60,000

Question 16

Under POCA it is an offence to make ANY disclosure which may give the individual being reported, knowledge or suspicion and thereby prejudice an investigation. What is the maximum penalty for ‘Tipping off’?

Answer 16

£5,000 fine and or 5 years imprisonment

Question 17

Which of the bank statements below are acceptable for transactional purposes?

Answer 17

Bank statement with one full month of transactions recording income, direct debits and day to day expenditure

Question 18

If a formal complaint cannot be investigated and completed within 8 weeks, what must we do?

Answer 18

Send the client a letter 5 business days before the end of the 8 week period informing them that the investigation is ongoing

Question 19

Following receipt of a formal complaint, how many weeks do we have to complete our investigation and issue a final response letter?

Answer 19

8 Weeks

Question 20

Which document is issued to the client summarising the resolution and any redress agreed as part of a 3 day complaint?

Answer 20

Summary resolution document

Question 21

To whom must we disclose any suspicion or knowledge of Money Laundering activities?

Answer 21

NCA (National Crime Agency)

Question 22

What is NOT an affordable housing scheme?

Answer 22

Guarantor Mortgage

Question 23

Where the potential liability is £10,000 or above the Risk, Compliance and Technology Director must be notified when recording a ‘3 day’ complaint: , IS THIS TRUE?

Answer 23

YES

Question 24

When recording a ‘3 day’ complaint the following is true:

Answer 24

Where the potential liability is £10,000 or above the Risk, Compliance and Technology Director must be notified

Question 25

To whom should an email be sent if you’re buying, selling, letting or renting a property through Foxtons?

Answer 25

Deborah Brown (Debs)

Question 26

When whistleblowing you should raise your concerns via:

Answer 26

Your line manager or a member of the senior management

Question 27

How many TCF Outcomes are there?

Answer 27

6

Question 28

What are the 6 TCF Outcomes?

Answer 28

OUTCOME 1: Consumers can be confident that they are dealing with firms where the fair treatment
of their customers is central to the corporate culture.
OUTCOME 2: Products and services marketed and sold in the retail market have been designed to
meet the needs of identified consumer groups and are targeted accordingly.
OUTCOME 3: Consumers are provided with clear information and are kept appropriately informed
before, during and after the point of sale.
OUTCOME 4: Where consumers receive advice, the advice is suitable and takes account of their
circumstances.
OUTCOME 5:
Consumers are provided with products that perform as firms have led them to expect,
and the associated service is both of an acceptable standard and also as they have
been led to expect.
OUTCOME 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change
product, switch provider, submit a claim or make a complaint.

Question 29

What steps should you take if a client’s concerns cannot be resolved within 3 working days?

Answer 29

You must notify the Compliance Support team within 24 hours and it will be registered as a formal complaint

Question 30

The Terms of Business must be:

Answer 30

Explained to the client by the adviser prior to submission

Question 31

When should you present the TOB to the client?

Answer 31

When you are meeting the client face to face or speaking via telephone for the first time

Question 32

The FCA’s TCF initiative is derived from its 11 principles for regulated firms but is primarily focused on the following:

Answer 32

Principle 1 A firm must conduct its business with integrity.
Principle 6 A firm must pay due regard to the interests of its customers and treat them fairly.
Principle 7 A firm must pay due regard to the information needs of its clients, and communicate information to them in a way that is clear, fair and not misleading.
Principle 8 A firm must manage conflicts of interests fairly, both between itself and its customers and between a customer and another client.
Principle 9 A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgement.