FCA FAQ

If you are unable to find the answer to your question on our website, please feel free to contact us directly: 01254 675 674

What is meant by upheld data when reporting complaints information?

Under the ‘upheld’ data category, you are required to report any complaints to which you have given a ‘final response’ that accepts the complaint and, where appropriate, offers redress, even if the redress offered is disputed by the complainant. Where a complaint is upheld in part, you should treat the whole complaint as upheld for reporting purposes.

Can I call my firm independent under ICOBS?

The FCA have not included a definition of the term “independent” in the ICOBS rules.

Are you required to give commission disclosure under ICOBS to retail customers?

Under ICOBS there is no requirement to inform the customer how much commission you receive. However, if the customer is a commercial client and asks you how much you will receive then you have a duty to disclose the amount.

Do you need a recognised qualification to advise on General Insurance products?

Currently there is no recognised qualifications required to give General Insurance advice, however the firm has the responsibility to ensure that:

  • Its staff are, and remain, competent for the work they do;
  • Its staff are appropriately supervised;
  • Its staff’s competence is regularly reviewed and
  • The level of competence is appropriate to the nature of the business they do.

Do you have to quote fees on financial promotions for mortgage business?

Yes, if a fee may be charged then the firm must include either:

  • The amount of the fee (if known); or
  • A representative fee based upon the business expected to arise from the promotion.

Does the fee quoted on an advert have to be in a monetary amount?

No, it can be either a monetary amount or as a percentage.

What does ‘real time’ and ‘non-real time’ mean?

real time financial promotion is one that is communicated in the course of a personal visit, telephone conversation or other interactive dialogue.
non real time financial promotion is one which may include communications by letter, email or promotions in published paper format, displayed on a website or in sound and television broadcasts.

What is the risk warning to be used stating your home maybe at risk?

Your home may be repossessed if you do not keep up repayments on your mortgage

How do I join Ecompli

If you already know which Services will benefit you then either complete the Register your Interest form and we will contact you or contact us directly on 01254 675 674.

If you are unsure which of our Services is most appropriate for your firm, please contact us and we will be happy to arrange a brief meeting to discuss an effective solution and a robust Compliance Support Service for your business requirements.

Once decided which Services you require, we will send you a pre-completed Registration Form for your attention, signature and return. Once received, we will issue you a Welcome Pack containing your unique Username and Password to access our Website and contact details to your Compliance Consultant.

How much does it cost?

Please refer to our services section for a full breakdown on our costs. Our prices are extremely competitive and transparent ensuring you get the very best value blended with quality for your custom.

Ecompli FAQ