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

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

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

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.

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

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

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

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.

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

FCA - Financial Conduct Authority Practice Test

FCA - Financial Conduct Authority Practice Test

FCA Complaints Handling and Redress