Friday Five Focus on Regulation – 30 October – 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 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.
- Cameron wishes to appeal against a decision of the Pensions Regulator. To which body should her appeal be made?
- The Financial Conduct Authority (FCA)
- The Money and Pensions Service (MaPS)
- The Upper Tribunal (Tax and Chancery Chamber)
- The Pensions Tribunal
- Within the FCA handbook, what does COBS stand for?
- Conduct of Business Standards
- Code of Business Standards
- Communication of Business Strategies
- Conduct of Business Sourcebook
- What is a ‘demand and needs’ statement?
- Documentation used to allow the client to prioritise their requirements
- The IFA’s requirements in terms of charges for product or time
- A statement detailing the client’s needs with the reasons for recommendations
- A list of requirements for new clients with the services the client can expect
- Under the ‘know your customer rules’, an adviser must collect relevant information in the process called:
- disclosing.
- recommending.
- fact-gathering.
- fact-finding.
- Where can a firm hold client money?
- In the firm’s bank account
- In a client bank account
- In the firm’s secondary bank account
- In any account, other than the firm’s main bank account
Answers
- D – See R01 Study Text, Chp 4
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R01 Study Text, Chp 6
Grab our taster mock exam paper for CII R01. Click here to download.
- D – See CF1 Study Text, Chp 11
Grab our taster mock exam paper for CII CF1 Click here to download.
- B – 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.
I've just answered this week's Friday Five CII exam questions - can you? #Fri5 Share on X