FCA Complaints Handling and Redress

Question 1

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

Accepted Answer

DISP (Dispute Resolution: Complaints)

Answer

COBS (Conduct of Business Sourcebook)

Answer

SYSC (Senior Management Arrangements)

Answer

SUP (Supervision)

Question 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?

Accepted Answer

3 business days

Answer

1 business day

Answer

5 business days

Answer

7 business days

Question 3

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

Accepted Answer

8 weeks

Answer

4 weeks

Answer

6 weeks

Answer

12 weeks

Question 4

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

Accepted Answer

A large listed corporation with 500+ employees

Answer

A private individual

Answer

A micro-enterprise with fewer than 10 employees and annual turnover under €2m

Answer

A charity with annual income under £6.5 million

Question 5

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

Accepted Answer

The Financial Ombudsman Service (FOS)

Answer

The FCA directly

Answer

The Financial Services Compensation Scheme (FSCS)

Answer

The Prudential Regulation Authority (PRA)

Question 6

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

Accepted Answer

6 months

Answer

3 months

Answer

12 months

Answer

18 months

Question 7

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

Accepted Answer

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

Answer

Only the firm's decision with no further information required

Answer

A mandatory compensation offer and FOS contact details only

Answer

A signed declaration from the firm's Senior Manager