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FCA Mock Exam Questions and verified correct answers

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Which of the following does not have any rights under FSCS? - correct answer Authorized firm with respect to general insurance. - A retail client, trustee of scheme with assets and a small biz with regard to general insurance all have rights What best represents FCA view on industry guidance? - correct answer The FCA will not monitor or enforce compliance of INDUSTRY guidance b/c it is not mandatory Market abuse is different than insider dealing in all of the following ways except? - correct answer Market abuse is based on civil burden-balance of probabilities; it should be easier for the FCA to demonstrate abusive behavier; and it can be applied to commodity derivatives. It is not true that it should be easier for the FCA to impose a custodial sentence as only FINES can be imposed. What best reflects the firm systematic framework (FSF) of FCA? - correct answer Risk-based approach Proactive Supervision = FSF = preventative work through the structured conduct assessment of firms. Event driven = remedial/reactive work = deals with problems that are emerging or have happened Issues and Products = thematic supervision/intensive campaigns Tools = Diagnostic; Monitoring; Preventative; Remedial What is minimum reflection period for sale of life or pension product irrespective of whether the firm offers advice? - correct answer 30 days for life and pension products. Firms may voluntarily offer longer periods at the same or better terms.

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