CEMAP unit 2 mock 3

50問 • 1年前

問題一覧

under the “know your customer” rules, why does an advisor need to establish a risk profile?

in order to match appropriate investment solutions

if a member of an occupational pension scheme has an unresolved complaint after exhausting both the trustee and TPAS procedures, what period of time do they usually have to refer the matter to the pensions ombudsman?

three years

before an employee carries out duties that fall under the FCA regulatory responsibility they should:

be assessed as competent to undertake the role without supervision

employees should receive regular training about what is expected of them under money laundering rules so that they:

are aware of the consequences to themselves if they fail to comply

the shire building society employs Joe. he has complained about treatment he has received as a member of the societies occupational pension scheme. He is dissatisfied with the response he has received from the schemes trustees. who should he contact?

the pensions advisory service

Ben suffers a loss of £32,000 die to the insolvency of an authorised investment firm. what is the maximum amount that may be claimed from the financial services compensation scheme?

£32,000

the financial conduct authority insists that customer records must be kept for a specific period. for how long do customer records in relation to mortgage contract have to be kept for?

3 years

under what circumstances if any is a firm of IFAs permitted to select products from a panel of product providers?

for any type of product provided that it is sufficiently broad and is reviewed regularly

Jack has a complaint about a motor insurance policy he has bought recently. the company has not resolved his complaint to his satisfaction. who should he now turn to for help?

financial ombudsman service

which regulatory body now supervisors the rules and regulations in relation to consumer credit?

financial conduct authority

training and competence records for all individuals must be retained for a specified period after they have left the firm. this period is:

3 years

the rules on operational risk require financial institutions to use a multiple of their averaged gross income. this multiple is:

0.15

the supervisor ceases to be fully accountable for advice given by the advisor even the adviser:

is deemed competent

which of the following group of company employees would NOT necessarily be subject to detailed rules of training and competence under the FCA’s conduct of business rules?

directors

the 2nd key principle of business as defined by the FCA is that firms must act with skill care and:

diligence

in a newspaper carvery for a personal loan a financial service provider must satisfy certain rules which are set by which regulatory body?

the lending code standards board

the FCAs supervision model is based on three pillars which are:

proactive issues, reactive issues, issues and products

Tina supervises trainee advisors but is not in a position of significant influence. Which principle SPECIFICALLY applies to her role?

she must observe proper standards of market conduct

which one of the following BEST describes the reason why the financial services and markets act 2000 was introduced?

the existing regulatory structure was too fragmented

supervision of which sector of financial services was taken over by the financial services authority in January 2005 and now falls under FCA regulation?

general insurance

the financial conduct authority intends to secure an appropriate level of investor protection for consumers. Selecting an “appropriate level” would NOT depend on the different:

levels of customer loyalty to investment companies

which one of the following statements in relation to the findbch conduct authority (FCA), is CORRECT?

the FCA oversees and regulates the industry on behalf of the government

individuals who are allowed to carry out “controlled functions” in relation to a firms regulated activities are known as:

approved persons

which one of the following FCA sourcebooks provides the standards for the sale of mortgage products

mortgage conduct of business

in judging the FCAs performance, as part of its operational objectives, it must be seen to be:

facilitating competition

which one of the following job applicants is LEAST likely to meet the FCA ‘fit and proper requirements?

Alison who has recently had a default notice issued in respect of a personal loan

a firm of solicitors who sell investments on behalf of trustees and recieve commission from the product provider, will be regulated by:

the financial conduct authority

one function of the terms of the client agreement is to explain:

how the advisor is to be remunerated

Freda is reviewing a mortgage illustration before making a purchase. the illustration will have to:

disclose all the fees associated with the mortgage

under the new rules, what is the term for those investment advisors giving advice on the products and services of the full range of product providers?

independent advisers

which one of the following documents must be given to a client before giving advice on packaged products?

the FCA services and costs disclosure document or the firms own disclosure documentation that they have decided to use

when recommending a product to a client, the suitability of advice rules require the independent advisor to always abide by the fundamental principle of:

observing the clients best interests

Giles has advised Malcom regarding setting up his free standing AVC plan. under the ‘know your customer’ rules, for how long minimum must be keep Malcom’s factfind details

indefinitely

Janice has cancelled an investment plan within the cancellation period but unfortunately has received bsck less than she invested. why is this?

she invested a lump sum into a unit-linked plan

which of the following is an independent financial advisor NOT obliged to offer?

products from every provider

if a client intends purchasing an investment product from an intermediary on an execution only basis, then:

no recommendation will be required

which of these mortgage advisors is required to issue an initial disclosure document on a mandatory basis?

there is no requirement to use an initial disclosure document, it is up to the firm to decide how to implement their disclosure requirements

a customer who does not agree with the advisor’s definition of priorities should:

propose their own priorities

John, a mortgage advisor, has NOT yet issued a suitability letter and the mortgage is about to complete. this is permitted because:

there is no FCA requirement for the issuing of mortgage suitability letters

the key benefit of having a client agreement in place for an advisor is?

the advisor may have the ability to make decisions about investments

Paula is employed by the fenwick building society. She wants to make a complaint about the treatment she has received as a member of the society’s final salary pension scheme. to whom should she first refer her complaint if she is unable to gain satisfaction from the schemes trustees?

the pensions advisory service

the sale of which product would NOT be covered by MCOB rules?

buy to let mortgages used to buy properties as a commercial enterprise

cold calling to a prospective customer would not be allowed for which one of the following products?

an offset mortgage product

which one if the following is NOT typically included in a services and costs disclosure document (SCDD) issued by an advisor

details of the qualifications held by each of the firm’s advisers

for mortgage sales, which of the following pieces of information is not required as part of the initial disclosures?

arrears arrangements

which one of the following statements is FALSE in relation to regulatory risk assessment?

the risk assessment will be made public

what if any, is defined MINIMUM number of continuing professional development hours required for a retail investment advisor?

which if the following is least likely to be a FCA regulated mortgage?

a mortgage taken by a limited company

in the event of insolvency, what is the MAXIMUM claim normally allowable from the financial services compensation scheme for loss of deposited funds from a single bank

100% of the first £85,000

under what circumstances if any are a firm of IFAs permitted to select products from a panel of product providers?

for any type of product

CEMAP unit 1 mock 1

CEMAP unit 1 mock 1

CEMAP unit 1 mock 2

CEMAP unit 1 mock 2

CEMAP unit 1 mock 3

CEMAP unit 1 mock 3

CEMAP unit 2 mock 1

CEMAP unit 2 mock 1

CEMAP unit 2 mock 2

CEMAP unit 2 mock 2

問題一覧

under the “know your customer” rules, why does an advisor need to establish a risk profile?

in order to match appropriate investment solutions

three years

before an employee carries out duties that fall under the FCA regulatory responsibility they should:

be assessed as competent to undertake the role without supervision

employees should receive regular training about what is expected of them under money laundering rules so that they:

are aware of the consequences to themselves if they fail to comply

the pensions advisory service

Ben suffers a loss of £32,000 die to the insolvency of an authorised investment firm. what is the maximum amount that may be claimed from the financial services compensation scheme?

£32,000

the financial conduct authority insists that customer records must be kept for a specific period. for how long do customer records in relation to mortgage contract have to be kept for?

3 years

under what circumstances if any is a firm of IFAs permitted to select products from a panel of product providers?

for any type of product provided that it is sufficiently broad and is reviewed regularly

Jack has a complaint about a motor insurance policy he has bought recently. the company has not resolved his complaint to his satisfaction. who should he now turn to for help?

financial ombudsman service

which regulatory body now supervisors the rules and regulations in relation to consumer credit?

financial conduct authority

training and competence records for all individuals must be retained for a specified period after they have left the firm. this period is:

3 years

the rules on operational risk require financial institutions to use a multiple of their averaged gross income. this multiple is:

0.15

the supervisor ceases to be fully accountable for advice given by the advisor even the adviser:

is deemed competent

which of the following group of company employees would NOT necessarily be subject to detailed rules of training and competence under the FCA’s conduct of business rules?

directors

the 2nd key principle of business as defined by the FCA is that firms must act with skill care and:

diligence

in a newspaper carvery for a personal loan a financial service provider must satisfy certain rules which are set by which regulatory body?

the lending code standards board

the FCAs supervision model is based on three pillars which are:

proactive issues, reactive issues, issues and products

Tina supervises trainee advisors but is not in a position of significant influence. Which principle SPECIFICALLY applies to her role?

she must observe proper standards of market conduct

which one of the following BEST describes the reason why the financial services and markets act 2000 was introduced?

the existing regulatory structure was too fragmented

supervision of which sector of financial services was taken over by the financial services authority in January 2005 and now falls under FCA regulation?

general insurance

the financial conduct authority intends to secure an appropriate level of investor protection for consumers. Selecting an “appropriate level” would NOT depend on the different:

levels of customer loyalty to investment companies

which one of the following statements in relation to the findbch conduct authority (FCA), is CORRECT?

the FCA oversees and regulates the industry on behalf of the government

individuals who are allowed to carry out “controlled functions” in relation to a firms regulated activities are known as:

approved persons

which one of the following FCA sourcebooks provides the standards for the sale of mortgage products

mortgage conduct of business

in judging the FCAs performance, as part of its operational objectives, it must be seen to be:

facilitating competition

which one of the following job applicants is LEAST likely to meet the FCA ‘fit and proper requirements?

Alison who has recently had a default notice issued in respect of a personal loan

a firm of solicitors who sell investments on behalf of trustees and recieve commission from the product provider, will be regulated by:

the financial conduct authority

one function of the terms of the client agreement is to explain:

how the advisor is to be remunerated

Freda is reviewing a mortgage illustration before making a purchase. the illustration will have to:

disclose all the fees associated with the mortgage

under the new rules, what is the term for those investment advisors giving advice on the products and services of the full range of product providers?

independent advisers

which one of the following documents must be given to a client before giving advice on packaged products?

the FCA services and costs disclosure document or the firms own disclosure documentation that they have decided to use

when recommending a product to a client, the suitability of advice rules require the independent advisor to always abide by the fundamental principle of:

observing the clients best interests

Giles has advised Malcom regarding setting up his free standing AVC plan. under the ‘know your customer’ rules, for how long minimum must be keep Malcom’s factfind details

indefinitely

Janice has cancelled an investment plan within the cancellation period but unfortunately has received bsck less than she invested. why is this?

she invested a lump sum into a unit-linked plan

which of the following is an independent financial advisor NOT obliged to offer?

products from every provider

if a client intends purchasing an investment product from an intermediary on an execution only basis, then:

no recommendation will be required

which of these mortgage advisors is required to issue an initial disclosure document on a mandatory basis?

there is no requirement to use an initial disclosure document, it is up to the firm to decide how to implement their disclosure requirements

a customer who does not agree with the advisor’s definition of priorities should:

propose their own priorities

John, a mortgage advisor, has NOT yet issued a suitability letter and the mortgage is about to complete. this is permitted because:

there is no FCA requirement for the issuing of mortgage suitability letters

the key benefit of having a client agreement in place for an advisor is?

the advisor may have the ability to make decisions about investments

the pensions advisory service

the sale of which product would NOT be covered by MCOB rules?

buy to let mortgages used to buy properties as a commercial enterprise

cold calling to a prospective customer would not be allowed for which one of the following products?

an offset mortgage product

which one if the following is NOT typically included in a services and costs disclosure document (SCDD) issued by an advisor

details of the qualifications held by each of the firm’s advisers

for mortgage sales, which of the following pieces of information is not required as part of the initial disclosures?

arrears arrangements

which one of the following statements is FALSE in relation to regulatory risk assessment?

the risk assessment will be made public

what if any, is defined MINIMUM number of continuing professional development hours required for a retail investment advisor?

which if the following is least likely to be a FCA regulated mortgage?

a mortgage taken by a limited company

in the event of insolvency, what is the MAXIMUM claim normally allowable from the financial services compensation scheme for loss of deposited funds from a single bank

100% of the first £85,000

under what circumstances if any are a firm of IFAs permitted to select products from a panel of product providers?

for any type of product