Friday Five Focus on Regulation – 3 November – 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.

1. What regular reports must an authorised firm provide to the Financial Conduct Authority? (Tick all that apply.)
   1. Number of clients within their client bank.
   2. Amount held in client bank accounts.
   3. Persistency statistics.
   4. Number of complaints received.

2. In the Financial Conduct Authority’s (FCA) Handbook, what information must be given in a direct offer financial promotion? (Tick all that apply.)
   1. That tax treatments can change.
   2. That the firm is regulated or authorised by the FCA.
   3. A product summary document featuring the FCA’s logo.
   4. Details of any charges and expenses.

3. The purpose behind ‘part 1: basic details’ of a typical fact-find is to
   1. gather general information about a client and their circumstances.
   2. allow the adviser to ask straightforward questions to help build rapport.
   3. understand if the client is able to proceed with the meeting.
   4. establish whether the client is suitable for the intermediary.

4. Protecting the benefits of members of occupational pension schemes is the responsibility of the
   1. Pensions Ombudsman.
   2. Occupational Pensions Regulatory Authority.
   3. Pensions Regulator.
   4. Money and Pensions Service.

5. The approved persons regime, which predates the Senior Managers and Certification Regime, is still in place for which of the following?
   1. Appointed representatives.
   2. Local authorities.
   3. Solo FCA regulated firms.
   4. Government bodies.

Answers

1. BCD – See R01 Study Text, Chp 7
   Grab our taster mock exam paper for CII R01. Click here to download.

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

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

4. C – 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 10
   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.