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Friday Five – 28 June – 5 Questions in 5 Minutes

Friday Five – 28 June – 5 Questions in 5 Minutes

Welcome to this week’s Friday Five – 5 Questions in 5 Minutes Every Friday

What’s this all about?

It’s a bit of Friday Fun where we provide you with 5 questions relevant to a mix of CII exams. The challenge is for you to answer them in 5 minutes. Answers at the bottom of the page.


IMPORTANT!  These questions relate to examinable tax year 2018/19, examinable by the CII until 31 August 2019.  They do not relate to tax year 2019/20 which is only examinable by the CII from 1 September 2019.

  1. What were the primary objectives of the Retail Distribution Review (RDR)?
    1. Improving consumer financial services knowledge by running nationwide courses
    2. Highlighting the differences between Appointed Representatives and directly authorised intermediaries
    3. Widening the authorisation process to allow more advisers into the market
    4. Removing commission bias, improving professional standards and making consumer advice routes clearer
  1. Neil has the following investments:
    From this information, we can say that:

    1. Investment D is more volatile than the others.
    2. Investment D will give the best returns.
    3. Investment B and C are also known as defensive securities.
    4. Investment A is also known as an aggressive security.
  1. Caroline is one of 4 trustees for the Elliott family trust. She lives in Spain although all the other trustees are UK resident. What is her liability regarding any tax liability arising from the trust?
    1. As she is not the nominated person to deal with HMRC, she has no accountability.
    2. Caroline would be liable for one quarter of any trust liabilities.
    3. Caroline is jointly liable for the full amount of any tax that is due.
    4. As Caroline lives in Spain, the trust is not liable to UK tax.
  1. GAD rates used for capped drawdown are based on which of the following underlying annuity assumptions? Tick all that apply.
    1. Level in payment
    2. Monthly in advance
    3. 10-year guarantee
    4. Single life
  1. Sharon has made a request to make her life assurance policy ‘paid up’. In relation to the sum assured, which of the following statements is TRUE?
    1. It stays at the current level for one year and then is reduced.
    2. It stays the same.
    3. It is reduced.
    4. It can be increased for a fee at the time of making it paid up.



  1. D – See R01 Study Text, Chp 7
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. A – See R02 Study Text, Chp 3
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. C – See R03 Study Text, Chp 1
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. AD – See R04 Study Text, Chp 6:2
    Grab our taster mock exam paper for CII R04. Click here to download.
  1. C – See R05 Study Text, Chp 4
    Grab our taster mock exam paper for CII R05. Click here to download.


How did you find this week’s questions? Did you complete them in 5 minutes? Did you get them all correct? Do you disagree with any?

If you found this quiz useful for your CII exam revision, please do share it with your colleagues.

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