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Friday Five – 31 July – 5 Questions in 5 Minutes

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.

Questions

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.

  1. How often does the FCA expect firms to reconcile client monies?
    1. Daily
    2. Weekly
    3. Monthly
    4. Annually
  1. 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:
    1. as per guidelines set out in the FCA Handbook.
    2. as per guidelines set out by the ABI.
    3. at the discretion of the policyholders.
    4. at the discretion of the life office.
  1. 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?
    1. Pauline’s legal personal representatives must pay any tax due by the 30th of April 2020.
    2. Pauline’s next of kin must pay any tax due by the 5th of April 2020.
    3. Pauline’s beneficiaries must pay any tax due by the 5th of April 2020.
    4. Pauline’s trustees must pay any tax due by the 1st of October 2020.
  1. 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?
    1. 8
    2. 6
    3. 4
    4. 2
  1. Fiona is buying her property through the Right to Buy Scheme. She should be aware that:
    1. she must have lived in the property for 10 years.
    2. she must receive advice.
    3. the discount will be up to 80% of the property value.
    4. if she sells the house within 1 year, she will have to pay back 80% of the discount.

 

Answers

  1. A – See R01 Study Text, Chp 5:2
    Grab our taster mock exam paper for CII R01. Click here to download.
  1. D – See R02 Study Text, Chp 6:2
    Grab our taster mock exam paper for CII R02. Click here to download.
  1. A – See R03 Study Text, Chp 4
    Grab our taster mock exam paper for CII R03. Click here to download.
  1. A – See R04 Study Text, Chp 3
    Grab our taster mock exam paper for CII R04 Click here to download.
  1. 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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