Friday Five Focus on Regulation – 2 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 2020/21, examinable by the CII until 31 August 2021. They do not relate to tax year 2021/22 which is only examinable by the CII from 1 September 2021.

1. What is the name of the free and impartial service set up by the Government to help individuals understand their pension choices since April 2015?
   1. Treating Pensions Fairly
   2. Pension Wise
   3. Money Advice Service
   4. Money

2. Which of the following would you expect to find in the financial section of a fact-find?
   

   i)	Monthly income and expenditure
   ii)	Regular savings
   iii)	Employment details
   iv)	Family details

2. 1. i only
   2. i and iii only
   3. i and ii only
   4. iii and iv only

3. Under principle 10 of the FCA Principles for Businesses, what is a firm’s responsibility for clients’ assets?
   1. To consider against client liabilities in determining net worth
   2. To consider existing assets in assessing a client’s attitude to risk
   3. To accurately identify and document within the client fact-find
   4. To arrange adequate protection when it is responsible for them

4. For which of the following must the Financial Conduct Authority notify a person?
   1. When that person is the subject of an investigation
   2. When a person is under investigation of insider dealing
   3. When a person is under investigation for market abuse
   4. When a person is under investigation for providing misleading statements

5. Before entering into the contract, providers of pure protection life policies must send the customer the information required by the Solvency II Directive. A record of this must be kept:
   1. for 3 years.
   2. for 5 years.
   3. for 6 years.
   4. indefinitely.

Answers

1. B – See R01 Study Text, Chp 8
   Grab our taster mock exam paper for CII R01. Click here to download.

2. C – See R01 Study Text, Chp 9
   Grab our taster mock exam paper for CII R01. Click here to download.

3. D – See R01 Study Text, Chp 10
   Grab our taster mock exam paper for CII R01. Click here to download.

4. A – See CF1 Study Text, Chp 9
   Grab our taster mock exam paper for CII CF1 Click here to download.

5. C – See CF1 Study Text, Chp 11
   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.