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Learning resource updates

This page details updates made to our learning resources. You should visit this page periodically to ensure you do not miss any updates. Updates can result from a change in exam syllabus, an amendment to the relevant CII study text directly affecting our resources, typographical errors or more complex issues.

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All Financial Services Exams

All resources for AF, CF, ER, FA, J0, LP and R0 have been updated in accordance with the new syllabus examinable from 1 September 2019.  If you purchased the 2018/19 versions, contact us to receive the updated versions free of charge. Note that e-learning modules have been updated on our website, and the material found there now reflects the new examinable tax year.

AF1 Calculation Workbook

23 September 2019 Page 66, in the answer to Question 3, Step 1 to work out Mrs Tait’s total income tax liability has a typo in the line: £35,000 @ 20%. It equals 7,000, not 7,500. The liability is 16,400, not 16,900. In Question 9 (pages 17 and 73), it should say: “In tax year 2019/2020, his income is £55,000.”

New Version: AF1CalcWkbk010919v2

AF2 Calculation Workbook

4 October 2019Pages 15 and 54, Question 13 – the company’s corporation tax liability has been changed to £2.2 million. In the answer on Page 54, the instalment amount has been changed to £550,000 for each of the four instalments.

New Version: AF2CalcWkbk010919v2

AF4 Calculation Workbook

3 October 2019 Page 62, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: AF4CalcWkbk010919v2

AF7 Calculation Workbook

3 October 2019 Page 10 and 37, Question 6 – amended to remove the sentence “This is his only source of income.”

New Version: AF7CalcWkbk010919v2

IF1 Mock Paper Set 1

7 May 2019 Due to a change in the CII Study Text, Question 100 has been updated. It now reads: “What is the maximum binding financial award the Financial Ombudsman Service can make in respect of complaints about actions or omissions by firms that occurred on or after 1 April 2019? A. £150,000; B. £160,000; C. £350,000; D. £450,000” The correct answer is now C.

New version : IF1Set1010119v2

IF1 Mock Paper Set 2

7 May 2019 Due to a change in the CII Study Text, Question 98 has been fully updated. It now reads: “One of the FCA definitions of an eligible complainant is a: A. charity with an annual income of less than £6.5 million; B. micro-enterprise with fewer than 20 employees and a turnover or balance sheet total of no more than 2m euros; C. commercial buy-to-let consumer; D. trustee of a trust with a net asset value of less than £1 million” The correct answer is still A.

New version : IF1Set2010119v2

IF1 Mock Paper Set 3

7 May 2019 Due to a change in the CII Study Text, Question 98 has been fully updated. It now reads: “Which of these is an eligible complainant under the FCA definition? A. A guarantor; B. A charity with an annual income of £7.5 million; C. A trustee of a trust with a net asset value of £6 million; D. A small business with fewer than 75 employees” The correct answer is still A.

New version : IF1Set3010119v2

IF1 Mock Paper Taster

16 July 2019 Due to a change in the CII Study Text, the answer to Question 5 has been amended. The correct answer is now C.

Filename : IF1MockTaster

IF4 Mock Paper Set 1

8 May 2019 Due to a change in the CII Study Text, Question 34 has been fully updated. It now reads: “What is the financial threshold for charities seeking dispute resolution via the Financial Ombudsman Service? A. Turnover or balance sheet total of less than £5 million per annum B. Turnover or balance sheet total of less than €2 million per annum C. Annual income of less than £6.5 million per annum D. Net asset value of less than £5 million” The correct answer is still C.

New version : IF4Set1010119v2

IF4 Mock Paper Set 3

9 May 2019 Due to a change in the CII Study Text, Option C of Question 35 has been updated. It now reads: “C. That the enterprise has a turnover or balance sheet total not exceeding €2 million” The correct answer is still C.

New version : IF4Set3010119v2

J03 Calculation Workbook

4 October 2019Pages 14 and 50, Question 13 – the company’s corporation tax liability has been changed to £2.2 million. In the answer on Page 50, the instalment amount has been changed to £550,000 for each of the four instalments.

New Version: J03CalcWkbk010919v2

J05 Calculation Workbook

3 October 2019 Page 12 and 34, Question 4 – amended to remove the sentence “This is his only source of income.”

New Version: J05CalcWkbk010919v2

J10 Calculation Workbook

3 October 2019 Page 55, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: J10CalcWkbk010919v2

J12 Calculation Workbook

3 October 2019 Page 45, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: J12CalcWkbk010919v2

R01 Audio Masterclasses

5 September 2019 Masterclass 2 – Legal Concepts and Considerations: in the section regarding Powers of Attorney, there has been an amendment, “An Attorney must be 18 and not bankrupt and an LPA can be revoked on the death or incapacity of the attorney, or on their bankruptcy (but not the welfare LPA).”

The MP3 file will be updated in due course to reflect this.
R02 Mock Paper Set 1

3 October 2019 Page 29, Question 35 Correct Answer Rationale – PV figure has been changed to £7,462.15

New Version: R02Set1010919v2

R02 Calculation Workbook

3 October 2019 Page 36, Section 2 Question 2 – Step 3 adjusted to 2 decimal places and Steps 4 and 5 differ slightly as a result.

Step 3 – There are 4 years till redemption, so the capital gain each year is £6.25 ÷ 4 = 1.56

Step 4 – As a percentage of the price paid the gain is (1.56 ÷ 93.75) x 100 = 1.664

Step 5 – Add or subtract the result to the interest yield to get the redemption yield 4.213 + 1.664 = 5.88%

New Version: R02CalcWkbk010919v2

R03 Calculation Workbook

23 September 2019 Page 66, in the answer to Question 3, Step 1 to work out Mrs Tait’s total income tax liability has a typo in the line: £35,000 @ 20%. It equals 7,000, not 7,500. The liability is 16,400, not 16,900. In Question 9 (pages 17 and 73), it should say: “In tax year 2019/2020, his income is £55,000.”

New Version: R03CalcWkbk010919v2

R04 Calculation Workbook

3 October 2019 Page 32, Note added to the answer to question 6: “The important point is that the initial entitlement to tax relief is not related to the annual allowance. This will be considered later to see whether he can keep all of the tax relief. The employer contribution will count towards James’ annual allowance”.

New Version: R04CalcWkbk010919v2

R06 Calculation Workbook

3 October 2019 Page 92, Note added to the answer to question 6: “The important point is that the initial entitlement to tax relief is not related to the annual allowance. This will be considered later to see whether he can keep all of the tax relief. The employer contribution will count towards James’ annual allowance”.

New Version: R06CalcWkbk010919v2