CII R01 Complaints Handling

Question 1

Under FCA rules, what constitutes a 'complaint'?

Accepted Answer

Any oral or written expression of dissatisfaction about a firm's provision of or failure to provide a financial service

Answer

Only a formal written letter of dissatisfaction

Answer

Only concerns raised through the firm's official complaints form

Answer

Only issues where the customer has suffered a financial loss

Question 2

What is the FCA's time limit for resolving complaints?

Accepted Answer

3 business days for straightforward complaints or 8 weeks for all complaints

Answer

7 calendar days

Answer

30 calendar days

Answer

There is no time limit

Question 3

What must a firm's 'final response' to a complaint include?

Accepted Answer

The firm's decision, the reasons for it, and information about the right to refer to the Financial Ombudsman Service

Answer

Only an apology

Answer

Only the amount of compensation offered

Answer

A summary of the firm's complaints policy

Question 4

How long does a complainant have to refer a complaint to the Financial Ombudsman Service after receiving a final response?

Accepted Answer

6 months

Answer

30 days

Answer

3 months

Answer

12 months

Question 5

What is the FCA's DISP sourcebook?

Accepted Answer

The Dispute Resolution: Complaints sourcebook setting out rules for handling complaints

Answer

A sourcebook on dispute resolution between firms

Answer

A sourcebook on data protection and information security

Answer

A guidebook for FCA disciplinary proceedings

Question 6

Who is an 'eligible complainant' under FCA rules?

Accepted Answer

Consumers, micro-enterprises, small businesses, charities, and trustees of certain trusts who are entitled to have complaints considered

Answer

Only individual retail customers

Answer

Any person who contacts the firm

Answer

Only customers who have suffered a financial loss