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1 / 50

Why are payment systems an integral part of the economy?

2 / 50

How does the government issue fixed interest investments to individuals?

3 / 50

What is FATF?

4 / 50

An independent adviser can sell the products of:

5 / 50

What effect does high taxation have on business?

6 / 50

Under FCA rules, the cooling-off period for consumers entering into a sale and rent bank
scheme is.

7 / 50

The FCA is looking to investigate an IFA and wishes to visit the premises of the
firm concerned. With regards to giving notice for access to the premises:

8 / 50

Other than fines and sanctions, what are the consequences for those individuals who
breach FCA rules by committing criminal offences such as insider dealing and market abuse?

9 / 50

Under COBS 2, providers can run training for intermediaries but what is the
position regarding paying expenses?

10 / 50

Sarah bought a unit trust from Logan, her financial adviser, on 5 May. When must Logan
provide her with a key investor information document [KIID] relating to this product?.

11 / 50

How does the FCA determine the level of periodic fee to charge an authorised firm?

12 / 50

When a client seeks investment advice, the regulator promotes consideration of the
needs consumers may have for information and advice, whilst also differentiating their
experiences and varying levels of expertise. This would fall under which of the FCA’s
statutory objectives?

13 / 50

How is the Financial Conduct Authority funded?

14 / 50

Which piece of secondary legislation under FSMA sets out the specific activities
for which firms must receive FCA permission or authorisation?

15 / 50

The FCA is required to maintain panels for which groups.

16 / 50

One of the objectives of the FCA is to promote financial services competition in the
financial markets. What are the benefits of this for the consumer?

17 / 50

A life assurance company's surplus assets over its liabilities, expressed as a percentage
of its total assets gives its:

18 / 50

Joan works for a FCA authorised firm which is subject to FCA pro-active supervision. It is
UNLIKELY that Joan works for a[n]:

19 / 50

Breaches of the Consumer Rights Act 2015 by one or more financial firms is likely to
result in enforcement action from

20 / 50

The PRA divides the firms it supervises into categories of ‘ potential impact ‘. How many
categories are there?

21 / 50

What is the minimum frequency a firm should test its capital adequacy?

22 / 50

When considering a client's expenditure, how should it be categorised?

23 / 50

Which of the following is a firm unable to contract out to a compliance consultant?

24 / 50

James is concerned that a finance company he used some years ago are still using his
details for marketing purposes, even though he did not give them any authority to do this.
Who should James complain to?

25 / 50

What is the maximum fine The Pension Regulator can impose on a company for
breaching the law?

26 / 50

Which of the following is a responsibility of the Competition and Markets Authority?

27 / 50

Which of the following is responsible for watching for systemic risks to the financial
system as a whole?

28 / 50

Which of the following best describes an EU Directive?

29 / 50

What best describes the role of the Bank of England?

30 / 50

Who is regarded by HMRC as being directly responsible for an occupational
pension scheme's compliance with tax law?

31 / 50

Adam died in an accident and had not made a will. Ignoring his personal
chattels, which pass to his wife Angela, how is his net estate of £1 million
distributed, bearing in mind that they had no children, his mother is still alive
and he has two surviving brothers?

32 / 50

In what circumstances would administration be most appropriate for a limited

33 / 50

Who issues a grant of representation?

34 / 50

Under the Enterprise Act 2002, how long does bankruptcy normally last?

35 / 50

Which of the following might prove the MOST difficult in obtaining a mortgage

36 / 50

Which structure would suit a small professional firm that is concerned about
the risk of large liability claims?

37 / 50

How would you define a sole trader?

38 / 50

What is the nominal value of a bond?

39 / 50

Within the suitability report it is recommended that the reasons why a product
provider has been selected are documented. What would you NOT expect to find

40 / 50

A with profit whole of life plan adds what bonuses to the sum assured?

41 / 50

What is usually the greatest financial priority for a customer in their 50’s?

42 / 50

As a financial adviser, communication with customers must be?

43 / 50

You are asked to provide advice to a customer who has recently fallen into debt.
What payments would NOT be considered a priority debt?

44 / 50

What does a cap and collar mortgage offer on interest payments?

45 / 50

Which one of the following is not a current pension scheme?

46 / 50

For those reaching state pension age after 6th April 2016, how many qualifying year’s
national insurance contributions are needed to be eligible for full state pension.

47 / 50

An income protection plan typically pays up to 60% of pre incapacity earnings, however
what is the maximum some companies pay to low earners.

48 / 50

Which one of the following is known as a collective investment?

49 / 50

Which organisation has the monitoring of insurance companies as part of its
regulative role?

50 / 50

What is quantitative easing?

Your score is

The average score is 83%