Friday Five Focus on Regulation – 26 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 2020/21, examinable by the CII until 31 August 2021.

1. Which of the following is specifically exempt from the Consumer Credit Act 1974?
   1. Building societies
   2. Debt restructuring services
   3. Credit card issuers
   4. Payday loan companies

2. If a solicitor assisted a client with a claim on a life policy, would FCA authorisation be required?
   1. Yes, as this type of work is classed as a regulated activity
   2. No, as long as it was a one-off activity
   3. Yes, as the client will have received advice
   4. No, this is classed as incidental to their professional services

3. Which of the following is NOT regarded as a key cultural driver?
   1. Controls
   2. Recruitment and T&C
   3. Decision making and challenge
   4. Ethnic diversity

4. The General Data Protection Regulation states that personal data must be processed in a way that is:
   1. lawful.
   2. efficient.
   3. expedient.
   4. vital.

5. What is an important financial strength measure for a life office?
   1. Free asset ratio
   2. Assets less debt
   3. Balance sheet
   4. Report and accounts

Answers

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

2. D – See R01 Study Text, Chp 7
   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 12
   Grab our taster mock exam paper for CII CF1 Click here to download.

5. A – 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.