Friday Five Focus on Regulation – 5 August – 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 2021/22, examinable by the CII until 31 August 2022. They do not relate to tax year 2022/23 which is only examinable by the CII from 1 September 2022.
- In relation to the Electronic Identity Verification (eIDV) of clients, which of the following statements are correct? Tick all that apply.
- It is no longer being used to identify clients.
- It is limited to publicly available databases.
- It can flag-up early if there are inconsistencies.
- The outcome could be a match, a non-match, or a partial match.
- What is the maximum fine The Pensions Regulator can impose on a company for breaching the law?
- £500,000
- £100,000
- £50,000
- £5,000
- A materiality assessment involves standing back from a firm and seeing it as how others might see it. With which of the following is a materiality assessment most closely associated?
- Ethics codes
- Fair treatment of customers
- Corporate social responsibility
- Fit and proper requirements
- What document must a product provider give for its life and pensions products?
- Product detail document
- Key information document
- Key notes document
- Product facts document
- Which of the following is a responsibility of the Competition and Markets Authority?
- Investigating mergers that could restrict competition
- Product terms being expressed in plain English
- Enforcement of consumer protection rules
- Monitoring those holding licences under the Consumer Credit Act
Answers
- CD – See R01 Study Text, Chp 7
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R01 Study Text, Chp 4
Grab our taster mock exam paper for CII R01. Click here to download.
- C – See R01 Study Text, Chp 11
Grab our taster mock exam paper for CII R01. Click here to download.
- B – See CF1 Study Text, Chp 11
Grab our taster mock exam paper for CII CF1 Click here to download.
- A – See CF1 Study Text, Chp 12
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?
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