Financial Conduct Authority (FCA) UK Regulation Sample Exam

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Under what legislative framework can certain consumer bodies alert the FCA to supercomplaints?

Consumer Rights Act 2015
Financial Services Act 2012
Banking Act 2009
Companies Act 2006

The correct answer is: Financial Services Act 2012

The correct framework under which certain consumer bodies can alert the FCA to supercomplaints is specified in the Financial Services Act 2012. This legislation introduced a formal process that allows designated consumer bodies to raise concerns about issues affecting consumers in financial services. The concept of supercomplaints enables these bodies to highlight systemic issues that affect consumers at a broader level, not just individual complaints. When a supercomplaint is lodged with the FCA, it is required to respond within a specific timeframe, ensuring that consumer concerns are taken seriously and addressed promptly. In contrast, while the Consumer Rights Act 2015 does provide consumers with rights and remedies concerning goods and services, it does not specifically relate to the regulatory framework for supercomplaints. The Banking Act 2009 primarily focuses on financial stability and the resolution of failing banks, while the Companies Act 2006 centers around corporate governance and the obligations of companies, none of which pertain to the supercomplaint process established by the Financial Services Act 2012.