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CRA 2015 deals with goods and... Lernen beginnen
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How may parts does CRA 2015 have? Lernen beginnen
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3 parts: Consumers’ rights and remedies | Unfair terms provision. | Miscellaneous provisions (including investigatory powers for consumer law enforcers and secondary ticketing).
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What is covered by 2nd part of CRA? Lernen beginnen
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What is covered by 3nd part of CRA? Lernen beginnen
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Miscellaneous provisions (including investigatory powers for consumer law enforcers and secondary ticketing).
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What is the grey list in CRA? Lernen beginnen
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Indicative and non-exhaustive list of terms of consumer contracts that may be regarded as unfair.
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If a consumer exercises the right to cancel, they must notify the firm; the notification is deemed to have been observed if it is... Lernen beginnen
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is dispatched* before the deadline expires. *wysłana Indefinitely for pension transfers, pension opt-outs or free-standing additional voluntary contributions (FSAVCs). | 5 policy, pension contract, personal pension scheme or stakeholder pension scheme. | 3 years in any other case.
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Customer complaints can be address to... Lernen beginnen
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FOS (Financial Ombudsman Service).
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FOS eligible complainants are: 5 | CChM TSP Financial Ombudsman Service Lernen beginnen
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Consumers. | Charities. | Micro-enterprises*. | Trustees of a trust. | SME**. | Person acting outside their business Other authorised firms are generally not eligible complainants, although they may be eligible if the complaint is in respect of an activity for which they do not have permission themselves.
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FOS eligible complainants. Micro-enterprises threshold: 2cz Lernen beginnen
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Employing fewer than 10 people. | Turnover not exceeding €2 million.
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FOS eligible complainants. Charities threshold: Lernen beginnen
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FOS eligible complainants. Trustees of a trust threshold: Lernen beginnen
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NAV of less than £5 million
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FOS eligible complainants. SMEs threshold: | Turnover less than £6.5 million, | Balance sheet of £5 million and fewer than... (employees) Lernen beginnen
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What is the subject of DISP 1* entitled ‘Treating Complainants Fairly’? the FCA’s Dispute Resolution: Complaints Sourcebook Lernen beginnen
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Complaints rules and guidance.
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What is the name of DISP 1.2? Dispute Resolution: Complaints Lernen beginnen
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What is the name of DISP 1.3? Dispute Resolution: Complaints Lernen beginnen
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What is the name of DISP 1.4? Dispute Resolution: Complaints Lernen beginnen
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Complaints Resolution Rules
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When responding to a customer complaint, a firm may offer remedial action or... Lernen beginnen
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zadośćuczynienie [niepoliczalny)
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A written response to the complainant is required within...? Lernen beginnen
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8 weeks (a final response or a holding response)
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Complaint records must be retained for... 2 (MiFID/non-MiFID) Lernen beginnen
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5 years in relation to MiFID business, | and 3 years for non-MIFID.
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How often a firm must provide a complete report concerning complaints to the FCA? Lernen beginnen
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on a fixed 6-monthly and calendar year basis. *Exception: Annual Report if: | credit-related activities, | or operating an electronic system in relation to lending and has revenue of less than £5 million. | Regulated funeral plan activities.
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Normally a firm must issue complete Complaints Report twice a year. Provide an example when an Annual report* is allowed: *from 2027 there won't be any exceptions (all firms will need to report twice a year). Lernen beginnen
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operating an electronic system in relation to Lending (and has revenue of less than £5 million) also: Credit-related activities, | regulated Funeral plan activities, | regulated Claims management activities,
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Complaints Report. Firms must provide additional information to the FCA if they receive at least... Lernen beginnen
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500 complaints during the six-month reporting period. also: A threshold of 500 complaints or more above which firm data will be published on their website. E.g.: the amount of redress paid by the firm in relation to complaints upheld and not upheld during the reporting period. | Additional context.
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If the firm adopts the two- stage approach, a complaint is considered closed if the complainant has not responded to the written response within... Lernen beginnen
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FCA's Policy Statement titled "Improving the complaints Reporting process", intended to... (<come into effect from 31 December 2026>) Lernen beginnen
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... to remove duplications.
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Consumer Credit Return (CCR), Funeral Plans (FP), Claims Management Companies (CMCs), and Electronic Money and Payment Services Return (PSR) are now replaced by... Lernen beginnen
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Consolidated Complaints Return
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What is Permission-based reporting? Lernen beginnen
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Firms will only need to complete the sections of the new Compliance return relevant to their regulated activities.
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Lernen beginnen
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... for firms that have no complaints to report.
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FCA’s Vulnerability Guidance. The 4 drivers of vulnerability are: |health, | life events, | resilience and... Lernen beginnen
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Firms will be required to report whether complainants are in '__' circumstances Lernen beginnen
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Contextualised complaints data are related only to | Insurance, |Payment Services, | Retail Banking and... Lernen beginnen
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Claim Management Companies (CMCs).
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What is the period to file a complient to EMD? Lernen beginnen
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within 6 months of the firm’s final response,
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(Directive) Lernen beginnen
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Payment Services Directive
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(Directive) Lernen beginnen
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Electronic Money Directive
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Upon receipt of an EMD or PSD complaint firms are required under DISP 1.6.2A to send a final response to the complainant within... (days) Payment Services Directive / Electronic Money Directive Lernen beginnen
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alternatively: The holding response must be send - then 35th business day following the day on which the complaint was received.
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Complaints Handling. What is the extended next business days rule? Lernen beginnen
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Firms are permitted to handle complaints less formally, without sending an acknowledgement letter, three business days after the date of the receipt of the complaint.
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Complaints Handling. What is the maximum cost of calls made by consumers? Lernen beginnen
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No more than the maximum basic rate cost for calls.
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The FOS comprises two jurisdictions: Compulsory jurisdiction (CJ) and... Lernen beginnen
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... Voluntary jurisdiction (VJ) VJ covers complaints which are not within the CJ.
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A result of a complaint, the FOS can require the firm to pay... Lernen beginnen
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Base amounts of FOS awards if FOS complaint date is on or after 1 April 2025? 2 Lernen beginnen
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IMPORTANT: Future award limits will be automatically adjusted each year on 1 April using the Consumer Price Index (CPI). *if date of the "act or omission" is before 1 April 2019.
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What is the Super-complaint? Lernen beginnen
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A widespread market problem.
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What is the Mass-Detriment Reference? Lernen beginnen
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A widespread consumer harm caused by a firm. A large-scale damage, harm or loss to consumers. the FOS and the firms themselves are allowed to make mass-detriment references.
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How many days does FCA have to respond to a super-complaint being raised with them? Lernen beginnen
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What does stand for FSCS? Lernen beginnen
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Financial Services Compensation Scheme
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FSCS. Are the other authorised firms eligible claimants? Lernen beginnen
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FSCS. Are overseas financial institutions firms eligible claimants? | Are provincial, regional, local and municipal authorities eligible claimants? Lernen beginnen
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Including supranational institutions, governments and central administrative authorities.
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FSCS. Are CISs, their trustees and operators eligible claimants? Lernen beginnen
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FSCS. Directors and managers of the firm in default and their relatives are not eligible claimants unless the firm is... Lernen beginnen
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... a small mutual association. or unless the firm is a credit union)
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FSCS. What minimum capital holding makes a person a non-eligible claimant? Lernen beginnen
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FSCA. Non-eligible holders: i n f o r m a t i v e Lernen beginnen
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Auditors; | Any person who has contributed to the firm’s default; | large companies; | Large partnerships. | Persons whose claim arises under the Third Parties Act 1930.
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FSCA. Although other authorised firms are not eligible, the exception arises from an activity if the claim for which they do not have... [permission] Lernen beginnen
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sole trader firms | credit unions | trustees | small businesses – those with an annual turnover of less than £1 million.
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FSCA. Although other authorised firms are not eligible, the exception is made if the claim arises from an activity for which they do not have Part 4A permission for small businesses with turnover below... Lernen beginnen
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also: sole trader firms | credit unions | trustees
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FSCA - protected claims can relate to money on deposit with a bank and... 3 Lernen beginnen
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Claims on contracts of insurance. | Protected investment business. | Claims against the manager of AUT. IIM protected investment business and
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FSCA. Bank deposits are protected up to... £ Lernen beginnen
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£120,000 per eligible person, per firm. the maximum payout per ‘license’
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FSCA. Temporary high balances (sale of a property, inheritance), are covered up to... Lernen beginnen
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...£1.4 million for a period of 6 months.
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FSCA. Joint Accounts are cover up to... Lernen beginnen
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FSCA. Level of protection for Compulsory insurance, Long-term insurance, Professional indemnity insurance and death or incapacity (due to sickness or injury). % Lernen beginnen
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FSCA. Investments are protected up to... £ *Compulsory insurance, Long-term insurance, Professional indemnity insurance and death or incapacity (due to sickness or injury). Lernen beginnen
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...£85,000 per eligible person, per firm.
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FSCA. Pension level protection if the pension provider fails? Lernen beginnen
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FSCA. Pension amount protection if SIPP operator or in case of bad pension advice? Lernen beginnen
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