CQIB All Possible Questions and Answers 2023 with complete solution
1 view 0 purchase
Course
CQIB
Institution
CQIB
CQIB All Possible Questions and Answers 2023 with complete solution
Mutually owned co-operative financial institutions offering benefits to members through a trust-like structure" describes which type of Insurer/Fund Manager?
Friendly Society
Which is the decision-making process of framing?
T...
CQIB All Possible Questions and Answers 2023 with
complete solution
Mutually owned co-operative financial institutions offering benefits to members
through a trust-like structure" describes which type of Insurer/Fund Manager?
Friendly Society
Which is the decision-making process of framing?
To remove the 'noise' from an issue to allow us to see the problem for what it is
Under the RG271 what is the maximum timeframes for IDR response for a
Superannuation trustee complaints?
45 days after receiving the complaint
In the second line of defence, the Risk and Control Functions include:
1. Provide guidance and direction
2. Review and challenge risk management processes
When recording all information about a particular ethical dilemma, it's essential to
critically analyse the value judgements being made by each person involved as
they record their version of events" What step of the five-step ethical decision
model is this statement referring to
Step One - Recognise
Who is NOT a price taker
1. Banks and NBFI's
2. Brokers who act as intermediaries
What is the 5-step process for Ethical Dilemmas?
Recognise, facts, Discuss, act, review
What is the four-step process to follow when handing customer complaints?
Empathise, gather facts, solution, verify
Samuel explains that the XYZ savings booster account has a bonus interest rate
and is a good choice for customers who want a higher return on their account
and do not need to access their funds. What type of advice is Samuel providing?
General advice
What is "Chinese walls" ?
Information barriers within the organisation to prevent exchanges or communication
lead to conflicts of interest
What does AFCA stand for?
Australian Financial Complaints Authority
What step in the 5 Step Process for Resolving Ethical Decisions is where you
think about the issue and write everything down?
Recognise
Which of the regulatory bodies is the "lender of last resort"?
Reserve Bank of Australia
Under RG271 the maximum timeframe for Standard Complaint must be:
No later than 30 calendar days after receiving the complaint
What is liquidity?
The Banks' ability to meet all expenses using only liquid assets
,The Competition and Consumer Act (2010) covers anti-competitive behaviour in
which of the following areas:
1. Exclusive dealing
2. Collective bargaining
Which of the regulatory sought to improve executive accountability in ADI's?
BEAR
Elliot works in the lending team at NAB. A client has come into the bank and is
threatening to take Elliot to court if he doesn't approve his home loan before the
end of the client's settlement period. What is the chief threat to Elliot acting
professionally in this matter?
Intimidation
Stacey owns a hairdressing salon. Over the weekend, the store next door had a
chemical leak and Stacey and her team had to vacate the premises for a week and
couldn't work. Luckily, Stacey had insurance to cover her. What type of policy did
she rely on in this scenario?
Business interruption
Which of the document is not a Responsible Lending Disclosure Document?
Product Disclosure Document
Which of the following describes the risk associated with the vulnerability of a
line of business to changes in the business environment?
Business risk
What is the role of the Reserve Bank of Australia (RBA)?
1. Overall stability of the financial system and regulation of the payments system
2. Monetary policy
What are the 4 types of Financial Markets?
Primary market, secondary markets, exchange traded markets and over the counter
markets
Luke works at the ABC Bank Call Centre. A customer asks about a new credit
card, and Luke informs a customer about the interest rate charged, the annual fee
and the rewards program. Luke is providing which of the following?
Factual information
Banks & other NBFI's participate in the Financial markets as ______________
Price Makers
In which situations can a bank refuse to honour cheques?
1. A garnishee order is received
2. The drawer of the cheque declares bankruptcy
Downtown bank collapses and files for bankruptcy. It is one of the major banks in
its country, and its collapse has serious negative impacts on the overall
economy. This is an example of which type of risk?
Macro-prudential risk
What are the four C's of Credit?
Character, Capacity, Collateral, Capital
The risk that problems arise in other internal business channels which could
compromise the financial and operational position of the ADI is referred to as
what type of Risk?
Contagion Risk
, "Typically operated with a plastic card, mobile app or in a few cases by
passbook" and "level of interest rate varies depending on both the balance of the
account and the terms of the account" best describe which account type?
Savings
Basel II 2007 included:
Improvements to market discipline by requiring firms to publish certain details of risks,
capital and risk management
How many days prior to the policy renewal date must an insurer tell the policy
holder whether it is prepared to renew the contract?
14
___________________ are the foundation of the Carroll's Social Responsibility
Pyramid
Economic Responsibilities
Is the bank the Mortgagee or Mortgagor
Mortgagee
What is underwriting?
the process by which an insurer determines whether or not, and what basis, to accept a
particular risk
Sarah has a $100,000 loan and chooses a fluctuating interest rate and the
capacity to make additional repayments over the life of the loan. What type of
interest rate is Sara applying to the loan?
Variable
What does ABA stand for and what is it used for?
Australian Bankers' Association provides analysis, advice and advocacy for the banking
industry and contributes to the development of public policy on banking and other
financial services.
What does ACCC stand for and what does it do?
The Australian Competition and Consumer Commission (ACCC) is an independent
authority of the Australian government. Its mandate is to protect consumer rights,
business rights and obligations, perform industry regulation and price monitoring and
prevent illegal anti-competitive behaviour.
What does ACL stand for?
The Australian Consumer Law (ACL) includes areas such as consumer rights when
buying goods and services, contracts and unsolicited consumer agreements covering
door to door sales and telephone sales. It is administered by the ACCC.
What is ADI? Examples?
Authorised deposit-taking institution comprising banks, credit unions and building
societies.
What is advocacy threat?
A threat to independence that arises when an individual is asked to consider an action
or take a decision in relation to a person or entity they have previously supported.
Who is AFCA?
The Australian Financial Complaints Authority (AFCA) is scheduled to be introduced
from July 2018 and designed as a one-stop-shop dispute resolution scheme that will
replace the SCT, CIO and FOS
What is AFSL?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LECTMAGGY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
