Friday Five Focus on Regulation – 7 April – 5 Questions in 5 Minutes
Friday Five Focus on Regulation – 5 Questions in 5 Minutes Every Friday
What’s this all about?
Each week, we ask questions relating to one of these topics: Investments, Taxation, Pensions, Protection, or Regulation. This week, our Friday Five is relevant to Regulation; this is useful as you prepare for either of the CII’s R01 or CF1 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 2022/23, examinable by the CII until 31 August 2023. They do not relate to tax year 2023/24 which is only examinable by the CII from 1 September 2023.
- Which of the following financial services products has a 30-day cancellation period? Tick all that apply.
- Electing to take income withdrawal.
- Transferring a child trust fund.
- Stakeholder pensions.
- Opening a cash ISA.
- Which of the following is one of the FCA’s regulatory principles?
- Consumer protection.
- Efficiency and economy.
- Promoting competition.
- Protecting financial markets
- Under the Conduct Rules (COCON), what must a firm do once they have taken formal disciplinary action against a person for breaching a conduct rule?
- Inform the Financial Conduct Authority.
- Commence civil or criminal proceedings as appropriate.
- Suspend the individual for 24 months.
- Confirm the regulatory fine as per the FCA’s rules.
- A firm must provide a retail client with a client agreement which is sometimes referred to as
- initial disclosure.
- a key features document.
- a statement of demands and needs.
- terms of business.
- What is the name given to the process of verifying the identity of a customer and obtaining further information regarding the business relationship?
- Customer identification.
- Customer information gathering.
- Customer due diligence.
- Fact-finding.
Answers
- AC – See R01 Study Text, Chp 8
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R01 Study Text, Chp 5
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R01 Study Text, Chp 10
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See CF1 Study Text, Chp 11
Grab our taster mock exam paper for CII CF1 Click here to download.
- C – See CF1 Study Text, Chp 12
Grab our taster mock exam paper for CII CF1. 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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