CREDS App 1.1 Key Definitions

complaint

any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which:

(a)

alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and

(b)

relates to an activity of that respondent, or of any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service.

CREDS

the Credit Unions sourcebook.3

deferred shares

in relation to a Great Britain credit union2, means any shares of a class defined as deferred shares by section 31A of the Credit Unions Act 1979.

final response

(in CREDS 9) a written response from a respondent which:

(a)

accepts the complaint, and, where appropriate, offers redress or remedial action; or

(b)

offers redress or remedial action without accepting the complaint; or

(c)

rejects the complaint and gives reasons for doing so;

and which informs the complainant that, if he remains dissatisfied with the firm's response, he may now refer his complaint to the Financial Ombudsman Service and must do so within six months.

4governing body

the board of directors, committee of management or other governing body of a firm or recognised body, including, in relation to a sole trader, the sole trader.