Friday Five Focus on Regulation – 16 February – 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 2023/24, examinable by the CII until 31 August 2024.
- The Financial Conduct Authority (FCA) is concerned with a person’s ‘close links’ under the threshold conditions within the FCA handbook to
- establish if the person has any connection or bias.
- ensure they will not prevent the FCA’s effective supervision of the person.
- understand any professional connections the firm has.
- ensure the person/firm has adequate support systems in place.
- Under ICOBS rules, who is responsible for making sure an intermediary is authorised to deal with an insurer?
- The responsibility lies solely with the intermediary.
- An insurer must make sure that any intermediary it deals with is authorised.
- An intermediary would not be able to contact an insurer unless they were authorised.
- It is solely the FCA’s responsibility to make sure all intermediaries are authorised.
- Who does the Consumer Credit Act 1974 affect?
- Almost anyone providing credit or advice on obtaining/repaying debt.
- Building societies and banks only.
- Loans secured on land and property authorised by life offices.
- Estate agents and land surveyors.
- What must a non-real time financial promotion include?
- Past performance data for the past 5 years.
- That tax may be subject to change in the future.
- The shelf life of the promotion.
- Name of firm and address or contact point.
- A firm categorised by the Financial Conduct Authority as a ‘fixed portfolio’ firm will be subject to a programme of firm or group-specific supervision under Pillar
- 1
- 2
- 3
- 4
Answers
- B – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R01 Study Text, Chp 8
Grab our taster mock exam paper for CII R01. Click here to download.
- A – See R01 Study Text, Chp 5
Grab our taster mock exam paper for CII R01. 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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