Company: FRFXF
Filing Date: 2025-03-14
Form Type: F-4
Source: 0001104659-25-024010
Chunk: 87

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-14
Form: F-4
Chunk 87
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consistent with the FCA’s continuing focus on outcomes for consumers (e.g., that they are sold products that provide valuable benefits
at an appropriate price, that they receive the service and support promised or to be reasonably expected and that there are no barriers
to them cancelling or deciding not to renew). Firms need to be able to demonstrate how their business models, the actions they take and
their culture are focused on delivering good customer outcomes. The FCA believes that an outcome focused approach will also have benefits
for firms as it will give them ‘greater flexibility to adapt and innovate.’ Firms have been required to apply the consumer
duty to: (a) new and existing products and services that are open to sale (or renewal), since July 31, 2023; and (b) products
and services held in closed books, since July 31, 2024.

Lloyd’s itself and
managing agents are under the compulsory jurisdiction of the Financial Ombudsman Service (“FOS”) which has been set
up under FSMA. Authorized firms must have appropriate complaints handling procedures but, where these are exhausted, the FOS provides
for dispute resolution in respect of complaints brought by eligible complainants.

The FOS is available to
eligible complainants in addition to their right to bring a claim in the courts. If the FOS determines a dispute in favor of a complainant,
it has the power to order a firm to pay compensation for any loss or damage it caused to the complainant, or to direct a firm to take
such steps in relation to the complainant as the FOS considers just and appropriate, irrespective of whether a similar award could be
made by a court. The FOS is mainly funded by levies and case fees payable by firms falling within the jurisdiction of the FOS.

The Financial Services Compensation
Scheme (“FSCS”) is established under FSMA and may provide compensation to certain categories of customers who suffer
losses as a consequence of the inability of a regulated firm to meet its liabilities arising from claims made in connection with regulated
activities. The FSCS is funded by means of levies on all of its participating financial services firms, including Lloyd’s.

All FSMA authorized firms
are required to undertake certain administrative procedures and checks, which are designed to prevent money laundering. The FCA Handbook
contains rules which require firms to establish and maintain effective systems and controls for countering the risk that the firm
might be used to further financial crime.