CII R01 Consumer Protection

Question 1

What is the FCA's Consumer Duty and when did it come into force?

Accepted Answer

A mandatory standard requiring firms to deliver good outcomes for retail customers, effective July 2023

Answer

A voluntary code of conduct introduced in 2020

Answer

A EU regulation adopted by the UK in 2019

Answer

An industry-led initiative launched in 2025

Question 2

What are the four outcomes the Consumer Duty focuses on?

Accepted Answer

Products and services, price and value, consumer understanding, consumer support

Answer

Profit, growth, innovation, compliance

Answer

Speed, accuracy, transparency, accountability

Answer

Accessibility, affordability, availability, quality

Question 3

What is the Financial Ombudsman Service (FOS)?

Accepted Answer

An independent body that resolves disputes between consumers and financial firms

Answer

A government department that creates financial regulations

Answer

A division of the FCA that handles enforcement

Answer

A private company that provides financial advice

Question 4

What is the current maximum award the Financial Ombudsman Service can make?

Accepted Answer

£430,000

Answer

£50,000

Answer

£150,000

Answer

Unlimited

Question 5

What is the Financial Services Compensation Scheme (FSCS)?

Accepted Answer

The UK's statutory deposit insurance and compensation scheme for customers of failed authorised firms

Answer

An insurance policy that firms must purchase

Answer

A government bailout fund for banks

Answer

A private savings scheme for financial professionals

Question 6

What is the FSCS protection limit for deposits?

Accepted Answer

£85,000 per person per firm

Answer

£50,000 per person per firm

Answer

£100,000 per person per firm

Answer

£250,000 per person per firm