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Consumer rights, complaints and compensation (Consumer Protection…
Consumer rights, complaints and compensation
Consumer Rights Act 2015 (Goods/Services)
Alternative Dispute Resolution
Certified ADR provider
Options
Mediation
Agreement between parties
Adjudication
Can appeal court
Arbitration
Unable to appeal
Unfair Contract Terms
Fairness
Act in good faith
Unfair term/notice not binding
Unfair terms
High charges
Business determining characteristics after consumer bound
Business determine price after consumer bound
Transparency
Clear, easily understood language
Good faith
Imbalance of rights/obligations to detriment of the consumer.
Consumer Protection
Legislation
Ombudsman bureaux/arbitration schemes
Voluntary codes of practice
Compensation schemes
Consumer bodies (eg Which)
Complaints procedures
FCA
Dispute Resolution: complaints (DISP)
Dealing with complaints
Payment providers
Firms
FOS
Compensation Handbook (COMP)
FSCS levies payable by firms
Reporting
Six-monthly basis
Complaints
Received
Upheld
Closed
0-4 weeks
4-8 weeks
8+ weeks
Amount paid
Root cause
Corrective action
Simplified report 500 less complaints
Super Complaint
Eligible bodies
Consumer bodies
Regulated persons
FOS
Eligible complainant
Private individual
Business turnover/annual balance does not exceed 2m euros
Charity annual income of less 1m
Trustee net asset value less 1m
Complaints handling procedure
Acknowledge
In writing
Investigate
Resolve
WIthin 8 weeks
Inform
Advise
Refer FOS post 8 weeks
Provide
Final response letter
Financial Ombudsman Service (FOS)
Binding
Firms
Not customers
Process
Both parties representation option
Provisional assessment, reasons, time limits.
Either party disagree
Proceed to determination
Determination
Laws/regulations
Rules, guidance and standards
Codes of practice
Good industry practice
Time limits
6 years of complaint
3 years of being aware
Timed-barred
Final response
May reject complaint
Pension Ombudsman Service
Complaints in relation admin
Personal Pensions
Occupational Pensions
Pension Protection Fund
Process
Address managers/trustees pension scheme
No agreement
The Pensions Advisory Service (TPAS)
Not binding/no agreement
Refer to POS
Individual Ombudsman decision binding
Time limits
3 years from event
The Financial Services Compensation Scheme (FSCS)
Eligibility
Private individuals/small compaines
Insolvent firm
Limits on compensation
FSCS sub-schemes
Deposits
Banks, building societies, credit unions
Max claim
100% 75k pp/per firm
1m temp high deposits
Life event - held less 6mths
Sale of house
Divorce settlement
Pension benefits
Inheritance
Redundancy
Criminal injuries
Investments
Max claim
100% 50k pp/per firm
Home finance
Advise/arrange mortgages
100% 50k pp/per firm
Insurance business
Life/general
Max claim
Long term/general insurance
100% no limit
Savings/protection
100%
Compulsory Insurance
100%
Other
90% no limit
Insurance mediation
Claims against firm
Max claims
90% no upper limit
Compulsory Insurance
100%