Acronyms
FCA
Financial Conduct Authority
What is flex max and flex low?
Flex max - Higher than normal payment
Flex low - Lower than normal payment
When can the customer reach out to the FOS?
X2 Points if you know what FOS stands for
Within 6 months of receiving the final response letter
Financial Ombudsman Services -
What's the FCA's definition of a vulnerable customer?
Someone who, due to their personal circumstances is especially susceptible to harm particularly when a firm is not acting with appropriate levels of care
What is the outbound statement?
Calls are recorded for training and quality purposes
NMP
Normal Monthly Payments
What system do we use to dial customers?
Max Contact
How would you identify a complaint?
Tone of voice
Language
Expressions
Stating they want to complain
What are the 4 key drivers for vulnerability?
Health
Life events
Resilience
Capability
What must we ask the customer to consent to?
Open banking
NMI
Normal Monthly Income
What system do we use for accessing cases?
Bright Office
What are the 3 elements to consider?
Material distress
Financial loss
Material inconvenience
What does the TEXAS module stand for?
Thank
Explain
Explicit consent
Ask
Signpost
What is accepted for ID&V?
Full name
Postcode
First line of address
DOB
Telephone number
Case ID
DRO
Debt Relief Order
What system do we raise complaints on?
I-Leverage
What's the FCA's definition of a complaint?
An oral or written expression of dissatisfactions whether justified or not
Name 3 third party charities that could potentially help in financial difficulties
Step change
Citizens advice
Debt advice foundation
National debt line
Money advice service
What systems do we use to access open banking?
Moolah
VRP
Variable Recurring Payment
What year did custom credit launch their business?
Bonus 200 points for month
They physically launched the company in June/July this year (2023) however looks like they started setting the company up back in 2021
What is the complaint journey?
Resolve on first point of contact (3 working days)
Acknowledgement letter (3-5 working days)
4 Week holding letter
8 Week holding letter
Final resolution letter
How to spot vulnerabilities?
How a customer sounds
Words and phrases they use
Information they give you
Written information provided by the customer
Who sets the compliance rules and regulations for custom credit to run as a business?
The FCA - Financial Conduct Authority