Exam (elaborations)
FCA UK Regulation Sample Exam
FCA UK Regulation Sample Exam
[Show more]
Seller
Follow
Content preview
FCA UK Regulation Sample ExamWhich of the following is TRUE for a regulated firm under Money Laundering
rules and regulations? - CORRECT ANSWER-Staff must be trained to recognise
and deal with suspicious transactions
Under the Proceeds of Crime Act 2002, criminal property is defined as -
CORRECT ANSWER-any benefit derived from criminal behaviour
Under what legislative framework can certain consumer bodies alert the FCA to
supercomplaints? - CORRECT ANSWER-Financial Services Act 2012
The FCA`s COBS rules apply to: - CORRECT ANSWER-a UK investment
management company managing a pension fund for a Berlin based company
What is the role of the Financial Ombudsman Service? - CORRECT
ANSWER-Administer and operate a dispute resolution service for clients of
FCA-authorised firms
Which of the following must be disclosed to a retail client when holding
designated investments or client money subject to MiFID? - CORRECT
ANSWER-Details of any investor compensation scheme applicable
Which of the following claimants would warrant compensation by the Financial
Services Compensation Scheme? - CORRECT ANSWER-The trustee of a
personal pension fund
Which of the following constitutes a regulated activity under the FSMA 2000? -
CORRECT ANSWER-Acting as a manager of an authorised unit trust
Which of the following UK firms are directly subject to the requirements of MiFID
when undertaking designated investment business? - CORRECT
ANSWER-Stockbrokers
A firm receives a complaint from a customer relating to MiFID business. What is
the MINIMUM period records should be retained? - CORRECT ANSWER-Five
years from the date the complaint was received
, Which of the following is TRUE in respect of the Client money rules - CORRECT
ANSWER-Client money must be separate from the firm's bank accounts
Which of the following imposes the anti-money laundering requirements of
criminal law on a stockbroker? - CORRECT ANSWER-Proceeds of Crime Act
2002
The main focus of the FCA`s supervisory approach on which its resources are
focused is to: - CORRECT ANSWER-achieve its statutory objectives
Which of the following payments are permitted to a third party on behalf of a
client, by an introducer of business? - CORRECT ANSWER-Fees which are
necessary for the provision of the service - such as custody fees
When looking for a personal recommendation for a client, why is it necessary to
obtain so much information concerning their financial situation, investment
objectives, knowledge and experience? - CORRECT ANSWER-So that the firm
can make recommendations that are suitable for the client
In order to comply with the Data Protection Act 2018, for how long should
personal data be held? - CORRECT ANSWER-No longer than necessary
A life office is launching a new product in the retail market. In order to satisfy the
FCA`s treating customers fairly consumer outcomes, this product must be: -
CORRECT ANSWER-appropriately targeted
A client wishes to purchase a significant holding of a `complex` instrument but
does not wish to enter in to an advisory or discretionary business relationship -
CORRECT ANSWER-The rules on `appropriateness` for `non-advised` sales
must be considered
Which of the following statements is TRUE of a firm requesting authorisation to
carry out investment business under the FSMA 2000? - CORRECT ANSWER-It
must have adequate resources
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 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 modockochieng06. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.18. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73091 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now