Friday Five – 31 July – 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 2019/20, examinable by the CII until 31 August 2020. They do not relate to tax year 2020/21 which is only examinable by the CII from 1 September 2020.
- How often does the FCA expect firms to reconcile client monies?
- Josian has had a with-profit policy for a number of years and is now considering surrendering it. She should be aware that a market value reduction (MVR) can be applied:
- as per guidelines set out in the FCA Handbook.
- as per guidelines set out by the ABI.
- at the discretion of the policyholders.
- at the discretion of the life office.
- Pauline died on the 1st of October 2019. Who will be responsible for the payment of any Inheritance Tax due on her estate and when is it payable?
- Pauline’s legal personal representatives must pay any tax due by the 30th of April 2020.
- Pauline’s next of kin must pay any tax due by the 5th of April 2020.
- Pauline’s beneficiaries must pay any tax due by the 5th of April 2020.
- Pauline’s trustees must pay any tax due by the 1st of October 2020.
- Before a complaint can be sent to the Financial Ombudsman Service, the provider must first investigate and respond to the complainant within how many weeks?
- Fiona is buying her property through the Right to Buy Scheme. She should be aware that:
- she must have lived in the property for 10 years.
- she must receive advice.
- the discount will be up to 80% of the property value.
- if she sells the house within 1 year, she will have to pay back 80% of the discount.
- A – See R01 Study Text, Chp 5:2
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R02 Study Text, Chp 6:2
Grab our taster mock exam paper for CII R02. Click here to download.
- A – See R03 Study Text, Chp 4
Grab our taster mock exam paper for CII R03. Click here to download.
- A – See R04 Study Text, Chp 3
Grab our taster mock exam paper for CII R04 Click here to download.
- B – See R05 Study Text, Chp 6
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?
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