Friday Five Focus on Regulation – 16 June – 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.

1. If a provider gives any benefits or inducements to an intermediary for how many years must they keep records for?
   1. 7
   2. 6
   3. 5
   4. 3

2. There is no requirement for a cancellation notice to be sent out in relation to Peter’s new policy. This is because he has taken out
   1. a critical illness policy with a 5-year term.
   2. an income protection policy with a 2-year term.
   3. a travel policy with a 2-week term.
   4. a life policy with a 1-year term.

3. Which body has an overarching strategic objective to ensure that financial markets work well?
   1. The Financial Policy Committee.
   2. The Bank of England.
   3. HM Treasury.
   4. The Financial Conduct Authority.

4. Which Act consolidates and clarifies existing consumer legislation on unfair contract terms?
   1. Consumer Rights Act 2015.
   2. Insurance Act 2015.
   3. Consumer Insurance (Disclosure and Representations) Act 2012.
   4. Contracts (Rights of Third Parties) Act 1999.

5. Which of the following is one of the operational objectives of the Financial Conduct Authority?
   1. Transparency.
   2. Protect consumers.
   3. Market growth.
   4. Market efficiency.

Answers

1. C – See R01 Study Text, Chp 6
   Grab our taster mock exam paper for CII R01. Click here to download.

2. C – See R01 Study Text, Chp 6
   Grab our taster mock exam paper for CII R01. Click here to download.

3. D – See R01 Study Text, Chp 4
   Grab our taster mock exam paper for CII R01. Click here to download.

4. A – See CF1 Study Text, Chp 12
   Grab our taster mock exam paper for CII CF1 Click here to download.

5. B – See CF1 Study Text, Chp 9
   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?

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