Complaints and Redress
Financial Regulation Courses (FRC)
Overview
This course covers the key principles and procedures involved in managing complaints and providing redress in the UK financial services sector.
Learners will gain an understanding of the Financial Ombudsman Service (FOS), its role in resolving disputes, and the compensation it can award.
The course also details the complaint-handling rules, eligible complainants, and the role of the Financial Services Compensation Scheme (FSCS) in offering financial protection to consumers.
Learners will explore both the regulatory framework and best practices for ensuring professional integrity when handling customer complaints.
Syllabus
1. The Role of the Financial Ombudsman Service (FOS)
Understanding the FOS’s role, powers, and compensation limits.
2. Eligible Complainants
Identify who can make a complaint and the criteria for eligibility.
3. Complaint Procedures and Processes
Explore internal complaint procedures, record-keeping, reporting, and regulatory requirements.
4. The Financial Services Compensation Scheme (FSCS)
Examine the role and purpose of the FSCS, including compensation limits and eligibility criteria for claims.
5. Professional Integrity when Handling Complaints
Learn the ethical standards and integrity required when managing customer complaints and offering redress.
Learning Outcomes
- Understand the Role of the FOS: Explain the responsibilities and powers of the FOS in dispute resolution.
- Identify Eligible Complainants: Assess the criteria that determine who can bring complaints to the FOS.
- Apply Complaint Procedures: Implement the FCA’s required processes for managing and resolving complaints effectively.
- Understand the FSCS: Explain the role of the FSCS and its compensation limits for eligible claimants.
- Maintain Professional Integrity: Ensure ethical standards are upheld in the handling and resolution of customer complaints.
Learning Objectives
- Understand the complaint-handling rules established by the FCA, including the role of the Financial Ombudsman Service (FOS).
- Apply the eligibility criteria for complainants seeking redress through the FOS or FSCS.
- Identify and implement effective complaint procedures within a financial firm, ensuring compliance with regulatory requirements.
- Understand the function of the Financial Services Compensation Scheme (FSCS) and its role in offering protection to eligible claimants.
- Ensure professional and ethical conduct when managing customer complaints and offering redress.
