CII R01 Complaints Handling 2

Question 1

What must firms do when they receive a complaint?

Accepted Answer

Send a prompt written acknowledgement and ensure the complaint is handled by an appropriate person

Answer

Upon receiving a complaint, firms must send a prompt written acknowledgement, provide the name or title of the person handling it, and indicate they have procedures in place to handle complaints fairly.

Question 2

What is 'root cause analysis' in the context of complaints handling?

Accepted Answer

Investigating the underlying causes of complaints to identify systemic issues and prevent recurrence

Answer

Root cause analysis involves examining complaints to identify patterns and systemic issues within the firm. The FCA expects firms to use complaints data to address underlying problems and prevent similar complaints arising.

Question 3

What complaints data must firms report to the FCA?

Accepted Answer

The number and nature of complaints received and how they were resolved, reported semi-annually

Answer

Firms must submit complaints data to the FCA twice a year, detailing the number of complaints received, the products and causes involved, and how they were resolved, including any redress paid.

Question 4

What is the 'summary resolution communication'?

Accepted Answer

A communication sent when a complaint is resolved by the next business day, informing the complainant about the FOS

Answer

When a complaint is resolved to the complainant's satisfaction by the close of the next business day, firms can send a summary resolution communication instead of a full final response, but must still inform about FOS rights.

Question 5

Can a firm charge a fee for handling complaints?

Accepted Answer

No, complaints handling must be free of charge

Answer

Under FCA rules, firms must not charge complainants for the investigation or resolution of complaints. Complaints handling must be free of charge to ensure it is accessible to all customers.

CII R01 Practice Test

CII R01 Practice Test

CII R01 Complaints Handling 2