LL7177 - Financial Services Complaints and the Financial Services Ombudsman (2024/25)
Module specification | Module approved to run in 2024/25 | |||||||||||||||
Module title | Financial Services Complaints and the Financial Services Ombudsman | |||||||||||||||
Module level | Masters (07) | |||||||||||||||
Credit rating for module | 20 | |||||||||||||||
School | Guildhall School of Business and Law | |||||||||||||||
Total study hours | 200 | |||||||||||||||
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Assessment components |
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Running in 2024/25(Please note that module timeslots are subject to change) |
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Module summary
The FSMA 2000 acknowledged the significance of the appropriate treatment of complaints and complainants within the Financial Services Market. This module examines the theory and practice of both internal complaints procedures and the Financial Ombudsman Service.
This module aims to provide a detailed, critical and evaluative knowledge of the Financial Services complaints procedures and the work of the Financial Ombudsman Service.
MODULE AIMS
On successful completion of this module, you will be able to:
- appraise the importance of ‘complaints’ in a modern economy
- have a critical understanding of the influence of European Law on complaints systems.
- appreciate the commercial importance of the correct treatment of complaints and decisions of the Financial Ombudsman Service.
- critically evaluate the impact o commercial policy issues relating to the treatment of complaints.
Prior learning requirements
No pre-requisites. Not available for Study Abroad.
Syllabus
The module will examine the nature of financial services complaints and the commercial significance of appropriate and timely complaint ‘handling’. The theoretical and practical Regulatory requirements will be examined together with examples of ‘good practice’; the Regulatory Dispute Resolution – Complaints [ DISP].
The module will consider:
- The Financial Ombudsman Service,
- The background to the service,
- Its operation and decision-making procedures
- Decisions made by the Financial Ombudsman Service
- The Financial Services Compensation scheme, its background and operation.
- The practical application of Judicial Review applications in the Financial Services Industry
Balance of independent study and scheduled teaching activity
Overview
Students will be taught by a combination of online lectures, interactive online seminars, one-to-one supervision, and self-study of a comprehensive module, with students encouraged to read from specified case law and legal journals. Students will be given the opportunity to discuss theoretical issues as well as practical problem solving. Students will be supported in undertaking on-line research using electronic law databases and encouraged to use on line legal resources on a regular basis. There is a virtual learning environment containing handbooks, lecture notes, weblinks, discussion groups, study skills materials and assessment criteria.
Experiential Learning
Students will be encouraged to respond to realistic case-studies relating to the sector, giving written legal opinions to clients in the style of a professional legal advisor. As an alternative core for the LLM award, students will be able to undertake and experiential learning project. Students will also be able to participate in the extracurricular experiential learning offered within the Law School, including the Pro Bono Clinic and the Mooting Club.
Study Support
Students will have regular access to module tutors by email and by one-to-one video conferences to support their studies. They will also engage with one formative assessment for each module, which will be marked promptly with opportunities for feedback either by email or individual online discussion.
Learning outcomes
On successful completion of the module students will be able to do the following:
1. Comprehend and manage a substantial body of legal knowledge on the regulatory requirements for complaints procedures within the Financial Services Industry and the Financial Ombudsman Service;
2.Evaluate the commercial and government policy implications of the correct handling of complaints;
3. Research and manage legal information from paper and IT resources and present competent legal arguments in writing;
4. Synthesise relevant case law and statute, understand and present conflicting arguments and apply the law to problem scenarios relevant to all aspects of Financial Services Complaints and the Financial Ombudsman Service;
5. Display competence in the benchmark skills outcomes of subject knowledge and understanding, application and problem solving and analysis, synthesis, critical judgment and evaluation.
Bibliography
https://rl.talis.com/3/londonmet/lists/50660A2D-B4B9-C071-A07E-6E344DE20C3C.html?lang=en-US&login=1