CII Mock 2019/2020 Qs

Who oversees the UK payments system

The Bank of England

Which of the following can be directly attributed to the impact of taxation

The individual consumer’s ability to make investments

Following the Pensions Act 2014, State pension age will be reviewed at least every

5 years

Which international organisation provides recommendations to the EU on money laundering

The Financial Action Task Force

Damian has been found guilty of market abuse. What is the maximum criminal penalty for this offence

An unlimited fine or 7 years’ imprisonment

Which of the following is outside the scope of the Financial Services and Markets Act 2000 (FSMA)

Commercial buy to let mortgages

Why is the FCA concerned with a person’s ‘close links’ under the threshold conditions within the FCA handbook

To ensure they will not prevent the FCA’s effective supervision of the person

Who do the Principles for Approved Persons currently apply to

Anyone subject to individual registration

Apart from the periodic, application and special project fees, what other fees are due from authorised firms

Financial Ombudsman Service, Financial Services Compensation Scheme and Money Advice Service fees

Which EU led requirements were incorporated into COBS

MIFID

Under ICOBS rules, who is responsible for ensuring an intermediary is authorised to deal with an insurer

An insurer must ensure that any intermediary it deals with is authorised

How does the Sale and Rent back regime introduced in 2010 help to protect customers

By ensuring tenancy agreements are fixed for at least 5 years

Why has the FCA devised rules regarding client assets and client money

To minimise the risk of clients’ money being used by the firm without agreement

Under which of the following circumstances must the FCA notify a person who is subject to an investigation

Falsely describing themselves as authorised

Which three providers of government guidance have been brought under the single financial guidance body the Money and Pensions Service (MAPS)

The Pensions Advisory Service, the Money Advice Service and Pension Wise

A new insurance company must apply to which of the following for authorisation

The PRA

What are the FCA Principles for Businesses

Statements of the fundamental obligations of all authorised firms

Data on policy cancellations or policy lapses is often called

persistency of products

A firm is required to keep a record of its client’s identity verification for 5 years - what form can this take

 Photocopies, Original documents, Electronic copies, Serial number log on ID, Computerised copies

What would be regarded as client data

National Insurance records, Family circumstances, Bank details

Which of the following are not classed as pure protection policies

Unemployment cover, Endowment

Client agreements are required for which of the following

Investment business with a retail client, Packaged product business with a retail client

What must be included within a Client Agreement

Regulation by the FCA, Any restrictions, Risk warnings

Which of the following are acceptable limitations to a firm’s expertise

Reliance on client information, Reliance on others, Insufficient information