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Complaints Handling and Redress Flashcards

7 cards from real FCA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

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  1. Which FCA sourcebook primarily governs complaints handling requirements for authorized firms?

    Answer: DISP (Dispute Resolution: Complaints)

    DISP is the dedicated FCA sourcebook setting out rules and guidance on how firms must handle complaints from eligible complainants.

  2. Under DISP, within how many business days must a firm issue a 'summary resolution communication' if a complaint is resolved to the complainant's satisfaction by close of that period?

    Answer: 3 business days

    DISP 1.5.4 allows firms to send a summary resolution communication within 3 business days for complaints resolved to the customer's satisfaction, instead of a full final response.

  3. What is the maximum time a firm has under DISP to send a final response to an eligible complainant?

    Answer: 8 weeks

    Under DISP 1.6.2, firms must send a final response to eligible complainants within 8 weeks of receiving the complaint.

  4. Which of the following is NOT classified as an 'eligible complainant' under DISP?

    Answer: A large listed corporation with 500+ employees

    DISP 2.7 defines eligible complainants as private individuals, micro-enterprises, small businesses, charities under £6.5m income, and eligible trusts — large corporations are excluded.

  5. To which body can an eligible complainant refer an unresolved complaint if they are not satisfied with the firm's final response?

    Answer: The Financial Ombudsman Service (FOS)

    The Financial Ombudsman Service (FOS) is the independent body established to resolve disputes between financial firms and eligible complainants when internal resolution has failed.

  6. How long does an eligible complainant have to refer their complaint to the Financial Ombudsman Service after receiving a firm's final response?

    Answer: 6 months

    Under DISP 2.8.2, eligible complainants have 6 months from the date of the firm's final response to refer the complaint to the FOS.

  7. Under DISP 1.6.4, what must a firm's final response letter include alongside its decision?

    Answer: The firm's decision, reasons, and information about the complainant's right to refer to the FOS

    DISP 1.6.4 requires that a final response explains the firm's decision, provides reasons, and informs the complainant of their right to refer to the FOS within 6 months.