Advice in Different Contexts

The steps to resolve a complaint are: 1. Put it in writing, 2. Attempt to satisfy the client immediately, 3. If not resolved, go through the internal system and have the adviser and client state their case, followed by a decision by the principal, 4. Make a decision and advise the client, 5. If the complaint is justified, amend procedures, apologize in writing, and provide compensation if applicable, 6. If the client is not satisfied, advise them of external procedures, 7. If the client is still not satisfied, they may need to go to court, 8. Court or regulator action. At all times, the adviser must keep the client fully informed in writing of what is happening, particularly disclosing the likely timetable of activities.

The Financial Ombudsman Service (FOS) is an independent body that handles complaints related to investment advice to a retail client, insurance contracts, handling of a complaint by a member, and the operation of managed investment or superannuation schemes sold to retail investors. It aims to conciliate disputes between members and can move to arbitration and adjudication if necessary.

The FOS handles complaints related to investment advice to a retail client, insurance contracts, handling of a complaint by a member, and the operation of managed investment or superannuation schemes sold to retail investors.

<p>If a complaint is justified, potential outcomes include amending procedures, apologizing in writing, and providing compensation if applicable.</p> Signup and view all the answers

<p>If the client is not satisfied with the decision, the adviser should advise the client of external procedures.</p> Signup and view all the answers

<p>If the client is not satisfied with the external (industry) procedures, they may need to go to court.</p> Signup and view all the answers

<p>The internal system allows the adviser and client to state their case, with a decision made by the principal.</p> Signup and view all the answers

<p>The adviser must keep the client fully informed in writing of what is happening, particularly disclosing the likely timetable of activities.</p> Signup and view all the answers

<p>The principal makes a decision in the internal system for resolving complaints.</p> Signup and view all the answers

<p>The Financial Ombudsman Service (FOS) can conciliate disputes between members and, if necessary, move to arbitration and adjudication where it has powers to make decisions.</p> Signup and view all the answers

<p>Advise client of external procedures</p> Signup and view all the answers

<p>Advise client of external procedures</p> Signup and view all the answers

<p>Amend procedures, apologise in writing, and pay compensation if applicable</p> Signup and view all the answers

<p>Adviser and client state their case</p> Signup and view all the answers

<p>Make decision and advise the client</p> Signup and view all the answers

<p>Put it in writing, satisfy the client immediately, internal system, decision by principal, make decision and advise the client, amend procedures, apologise in writing, pay compensation if applicable, advise client of external procedures, court or regulator action</p> Signup and view all the answers

<p>Investment advice to a retail client, insurance contracts, handling of a complaint by a member, operation of managed investment or superannuation schemes sold to retail investors</p> Signup and view all the answers

<p>Handle complaints, conciliate disputes, move to arbitration and adjudication, make decisions</p> Signup and view all the answers

<p>Handle complaints, conciliate disputes, move to arbitration and adjudication, make decisions</p> Signup and view all the answers

<p>Keep the client fully informed in writing of what is happening</p> Signup and view all the answers