Mock Exams Flashcards
1
Q
Compliance officer concern if have loads defaulted
A
principle of financial soundness
2
Q
House in joint tenants
A
house goes to spouse
3
Q
condition of being a trustee
A
individual must be sane
4
Q
controls enduring power of attorney
A
court of protection
5
Q
Record keeping
A
record of pension transfer indef and records of pension opt-outs indef
6
Q
Most important secondary legislation
A
RAO
7
Q
Companies that do not meet listings req for london stock exchange
A
the alternative investment market
8
Q
Money Laundering req evidence of identity
A
transfer of pension and sale of stakeholder pension plan both with premiums
9
Q
Emergency funds
A
Between 3-6 months salary
10
Q
Ltd gone into administration support from Financial compensation scheme
A
executors of deceased receive compensation and info req before compensation approved
11
Q
PIPSI
A
Protection, Income Protection, Pensions, Savings, Investments
12
Q
Levels FA can provide
A
possible to transact business on insistent customer and execution only not covered by FOS
13
Q
Regulates sale of lifetime mortgages
A
FCA
14
Q
Investment Bond
A
Single premium non-qualifying plan
15
Q
Min standards firm satisfy order to retain authorisation
A
threshold conditions
16
Q
investors buy previously issued equities from other investors
A
the secondary market
17
Q
Invest money for 3 years, most reliably achieve return for him
A
deposits
18
Q
breach FCA
A
enforcement division
19
Q
following block 9 guide relevant to all firms
A
FC
20
Q
FA with misappropriate client funds
A
sack and report matter to FCA
21
Q
SL req
A
anything other than top ups
22
Q
FCA and key cultural drivers
A
believes these drivers have an influence on behaviours of management and staff and so impact customer outcomes
23
Q
Pension regular max fine
A
£5,000
24
Q
Pension plan without establishing suitability of product
A
violate know your customer
25
Finanial stability board
International
26
Primary economic tool in UK
Interest rates
27
mental capacity act 2005 became effective
October 1 2007
28
period of reflection cooling off period begins
when terms and conditions are received
29
referred complaint to FOS
case handling fee levied by FOS charged to the respondent, compensation award binding
30
FCA authorisation
anyone that is not appointed and then advising
31
FOS Awards
award on costs on top of any max compensation amount and can take to court
32
Purpose of with profit funds
provide smoothed investment return for investors
33
qualify for endowment policy
at least 75% of premiums payable over the term
34
objects decision of FCA can appeal to
upper tribunal tax and chancery chamber
35
financial difficulty
debt management plan
36
FCA regulations on money laundering found
senior management arrangements systems and controls sourcebook
37
bankrupt end
after 1 year
38
six outcomes of treating customers fairly TCF
evidence from MI and press, adequate training
39
miffed firm keep approvals for mortgages
5 years
40
lasting power of attorney can cover financial and welfare
need two separate copies
41
is a living will legally binding in england
No
42
dividend yield usually lead to a share being described as an income share
4%
43
contract terms must be
in plain and intelligible language
44
FCA high level of standards PRIN
Principled for business
45
ensure suitability of advice falls under FCA Principle
customers relationship of trust
46
debt management plans licensed under
Consumer credit act
47
can trustee be beneficiary under trust
yes
48
Advantage of renewable rate critical illness
premiums likely to start lower
49
Portfolio of gilts, holds until maturity
her gain with be tax free
50
specialist qualification over and above standard level 4
pension transfer specialist
51
benchmark for mortgage payment protection insurance
no more than 60 days
52
data protection - sensitive data
any personal info
53
successful application for trading as IFA
Successful receive scope of permission notice and fit and proper
54
child benefit
tax pay on the element applicable to the first child by 20% on the balance
55
ethics
tell me and show me to prove to me
56
application form completion
the client
57
deliberately misleading or attempting too falls under conduct rule
integrity
58
main benefit of management information firm
allow issues to be identified and rectified
59
assessing client needs - steps
| IDQP
identification discussion quantification prioritisation
60
full compliance of FCA principles for business
is evidence of but not enough to prove threshold condition 5 is met
61
context of regulation what does general prohibition mean
no-one may carry on regulated activity wtihout being authorised or exempt
62
whom a lasting power of attorney registered
the public guardian
63
ethics principles
11
64
dividend allowance £2000 - basic tax payers pay 7.5% on dividends and higher rate taxpayer 32.5%
7.5% on extra dividends
65
life insurance policy in contract law the application form represents
offer
66
controls interest rates
bank of england
67
online business
FCA E Commerce directives
68
a rule to cover every potential situation is
neither desirable nor achievable
69
medium term investments
5-15 years
70
FCA receive funding from
the financial services industry
71
which not a uk government method of influencing the economy
interest rates
72
consumer credit act of 1974 covers credit to
£25K
73
low cost endowment
aim to but does not guarantee to repay the mortgage at the end of the term
74
max FOS award
350,000
75
example of good implementation of customer fair treatment
taking legal action against a former member of staff who has tampered with records
76
product categories in the ICOBS handbook
3
77
exempt from consumer credit act 1974
building societies
78
min percentage a property must be used for residential purposes for mortgage to fit the MCOB definition
40%
79
leasehold who owns property land building stands
The landlord
80
ethical approach to taking over clients
work through them starting from those that would benefit from a review
81
financial intermediary firm can hold money
in a separate client bank account
82
commonhold who owns the land
the commonhold association
83
conflict between FCA rule and principles
the principles will always take precedence
84
who get most protection under FCA COBS rules
retail clients
85
off the page gov approved financial services
a multi distribution organisation
86
order to act as an attorney under lasting power of attorney an individual must be
overr 18 and solvent
87
operating as a mortgage adviser
whole market, multi tied or single tied
88
How many directors must a plc have as a min
2
89
protecting from loss arising from financial transaction
use derivatives
90
pay fees in installments
this is possible
91
home reversion plan scheme
regulated ny FCA
92
Provision of wills and executorship by banks is regarded as
core service
93
max period reflection cooling off period for stakeholder pension
30 days
94
ultimate responsibility of ensuring liquidity as the lender of last resort
the bank of england
95
life office free asset ratio
surplus assets over liabilities
96
not pay on critical illness
loss of a limb
97
cancellation notice when SL issued
no later than the cancellation notice
98
deal with the estate of a deceased person left no will
their administrators
99
regulated home finance advise regulated rules
MCOB
100
Tracker fund
the investor is lie to benefit from dividends
101
identify FCA as regulator
authorised and regulated by the financial conduct authority
102
consumer credit is regulated by
FCA
103
Investor buy previously issued equities from other investors
the secondary market
104
ultimate standard of demonstrating ethical practice
show me
105
enduring power of attorney can brother make decisions on health care provision
no
106
employment and support allowance eta split into
2 phases
107
definition FCA use to define honesty integrity and reputation
no formal definition
108
body responsible for co-ord interest rates EU
european central bank
109
EU member state compelled to introduce an element of european law via parliament
a directive
110
lifetime mortgage
a generic term for equity release products
111
pension provider keep copy fo approvals
5 years
112
ensure suitability of its advice falls under FCA Principle
customers relationship of trust
113
dying without a will
intestate
114
mortgage where monthly repayment fall everytime pound rises
a foreign currency mortgage
115
controlled function
must be individually approved
116
cancellation notice SL issused
no later than the cancellation notice
117
deferred period in relation to income protection insurance
the period at start of an illness before the benefit becomes payable
118
highest interest rates
90 day deposit account
119
communication by telephone not one of the regulators requirements
the produce that will be recommended must be described
120
under financial compensation scheme max limit on compensation for non compulsory insurance
90% of vaild claims with no max
121
timing of interest had impact on the return the standardised measure is
AER
122
Firm have systems and controls
appropriate to its business
123
FA investigated by FCA
should be notified in all but limited circumstances
124
not be a trustee
16 year old
125
EU brought in new legislation that now applies immediate
Regulation
126
fund holds fixed interest securities with rating lower than BBB
Junk
127
Job tackling global money laudering
financial action task force
128
body to confiscate assets fo criminals
NCA
129
Process of capitalising debt
constitutes an increase in mortgage debt and requires disclosure
130
covered in terms for consumer credit act 2006
an unincorporated association
131
lasting power of attorney includes decisions about welfare
and to consent to or refuse medical treatment
132
dividend
share in the profit of a company
133
rules around data protection
any relevant filing system subject to protections and anyone obtain of data
134
bankruptcy order made
the official receiver takes control of the debtors property
135
ethical problem in firm can be solved by
dilemma resolution
136
purpose of critical illness
provide lump sum when insured suffers serious illness
137
rules arounds liquidity in IFPRU7 require firm to
be self sufficient and maintain adequate liquid resource
138
qualifying endowment policy level of life cover
at least 75% of the premiums payable over term
139
Endowment life cover
Broadly speaking, in order to be a qualifying policy, an endowment must provide a minimum life insurance benefit of 75% of the premiums payable over the term. This can be reduced for individuals over 55 years of age. In exchange for following these rules, qualifying policies receive beneficial tax treatment.
140
savings are protected and channelled into
capital management
141
trading floor
on-exchange financial market
142
discretionary portfolio
does not have the time or expertise
143
equity release is for borrowers
already own property and wish to release money for variety of reasons by way of mortgage or remortgage
144
Ijara scheme
will not own any portion of the property until end of agreement
145
IHT comes in at 325,000 own-life whole of life policy increasing cover written in trust
for daughter and typically 6-10 times amount to protect
146
Limited liability partnership
cannot pursue individual for partnerships debts except where personal guarantee
147
contract insurance issue letter of acceptance
known as counter offer
148
joint tenancy ownership
survivor gets property
149
bankruptcy order
prove inability to pay
150
leave investments to grandchildren
discretionary trust
151
income in possession trust
wife enjoyed income from trust and then pass onto two children
152
FCA enforcement powers to meet objectives
eight regulatory principles
153
pillar 1 requirements of capital req directives
insufficient capital to meet current credit market and operational risks
154
bank activity regulated by
prudential regulation authority PRA
155
Regulating activities of london stock exchange
FCA financial conduct authority
156
Part 4a permission provided by
PRA
157
Advantage of share price performance
manipulating transactions
158
routine supervision FCA
named individual supervisor
159
FCA considers financial resources and
systems and controls, governance arrangements and risk management capability
160
disclose regulatory status
on email footer and declare same on business cards
161
re-authorising firm have to pay application fee
50% or new applicant
162
Subject to an investigation and hasn't been notified
carrying on regulated activity without authorisation
163
Upper tribunal tax and chancery chamber appeals
permissions approval withdrawal but not against capital adequacy
164
Loan cooling off period
7 days
165
Max term of imprisonment
2 years
166
delaying FCA authorisation of a firm
incomplete application
167
senior managers and certification regime
classified as core
168
records relating to advice
SL retained for 5 years and lit 6 years
169
breached data protection principle
relied on pre-ticked boxes to verify consent
170
rapid resolution complaint dealt with
3 business days
171
Gov org responsible for national strat on financial capability debt and financial education
money and pension service
172
ending a relationship means that investments can be destroyed
3 years post the date relationship ended
173
Advice on company pensions cannot
provide specific choices on recommendations to the choice he should make
174
notice of cancellation period deemed to serve
on the date it is posted to the appointed representative
175
IHT planning least relevant
income tax status
176
main reason for collecting details on outstanding debts
to ensure liability could be met if they were to die or earning cease due to illness
177
action adviser take if client chooses not to address need identified
should record as part of advice process
178
SL failed most likely due to
cost of implementation of products recommended
179
Outcomes based regulation best described as
regulation based on what might happen in the future
180
Conduct risk
how investments are explained to clients and how quality controlled
181
failed fit and proper test
entered into an independent voluntary arrangement with her creditors
182
key aims of senior managers and certification regime
provide clarity of responsibility / give FCA wider powers to take enforcement action / make firm responsible for authorising those who undertake significant harm
183
FCA clients eligible complainants
those that are associated with financial products
184
Financial services compensation scheme
all of investment bonds and half of savings if jointly owned
185
Pension ombudsman consider complaints
admin related and decisions of pension protection fund
186
firms describing as indépendant must
allow off panel recommendations and ensure model portfolios cater for clients individual circumstances
187
adviser charges might be paid by
hourly rate, fund related fee deducted for investment, fund related fee deducted from product charges no commission related fees
188
basic advice permitted to advise on
cash ISA and gov products such as stakeholder pensions
189
SL for personal pension plan
must show why at least as suitable as stakeholder and show any disadvantages
190
petitioning the court for bankruptcy order
prove inability to pay by showing not complied within 3 weeks order has been made
191
Trust = leave investment to grandchildren on basis agreed by children
discretionary trust
192
Trust = investment left to wife to have an income and then upon death capital split between children
interest in possession trust
193
put into effect uk gov financial and economic policy
HM Treasury
194
Failed pillar 1 req of capital req directive by PRA
insufficient capital to meet current credit, market and operational risks investment
195
bank amortised to provide advise - regulated by
PRA
196
Financial policy committee
power ensure banks increase capital during growth so sufficiently protected during decline
197
Part 4a Permission
provided by PRA investment
198
FCA risk based approach to supervising firms based on 3 pillars
proactive firm / group supervision / event driven reactive supervision / issues and products supervision
199
subject to capital requirements directive = required
to undertake stress testing of financial resources
200
upper tribunal tax and chancery camber can hear appeals against FCA except relating to
firms capital adequacy
201
reports of complaints must include
4 weeks / 8 week / after 8 weeks
202
gov responsbile for strat on financial capability debt and education
money and pensions service
203
earliest date client agreement relating to initial investment could be destroyed
on the date the relationship ended
204
where no rules to cover a situation which takes precedence
FCA principles for business
205
aims of senior managers and certification regime are to
inc give FCA wider powers to take enforcement action
206
describing advice as independent must
allow off panel recommendations and ensure model portfolio cater for client individual circumstances
207
adviser charges might be paid
in related fee deductions
208
longer cancellations policies
pension transfers and life policies
209
function of financial services by means which savers ready assess reconciled with borrowers req for long term funds
liquidity
210
payment settlement clearing trading systems examples of
infrastructure
211
reponsible for macro prudential regulation of financial service
financial policy committee
212
distinguish friendly societies from ordinary life assurance companies
many products qualify for preferential tax treatment
213
core service
mortgage and loans
214
lower interest rates result in
rise in share prices
215
main objective if monetary policy committee MPC
meet government inflation target
216
IHT nil rate band 325k 650k for couples then charged at 40% if no children involved and 20% if there are
664k - 650k = 14k - 20% = 2.8K
217
When would sole trader pay national insurance
if business employs someone other that the proprietor
218
person dies intestate no children but married how much estate pass to child
half the residual amount after the first 270K of the estate has passed to peter
219
who can witness a will
the person that is not a beneficiary
220
insurance company consideration to the policyholder in formation of life assurance
paying or promising to pay the premium
221
warren employés services of IFA on suitable lie assurance product - correct legal position
IFA owes duty of care under law of agency
222
set up trust for children, who is the legal owner of the money
the appointed trustees
223
main advantage of a flexible power of appointment trust used by most life offices
gives trustees power to vary beneficiaries according to family circumstances
224
type of trust that arises when trust fails
resulting trust
225
set up trust for nephew for university fee
bare trust
226
event of valid claim on the life policy held under trust, provide documents except
grant of probate
227
3 certainties present to create a trust
intention to create, specified matter and specified beneficiaries
228
interest a remainderman have in a trust property
reversionary interest
229
single strategic objective of ensuring markets work well
FCA
230
Unregulated investment product
Premium bonds
231
fundamental principles of EU bulk of economic law
Treaties
232
EU directive aim to improve functioning of financial market
markets in financial instruments directive 11
233
regulatory body that investigates and addresses issues of concern regarding mergers and cartel
the competition and markets authority
234
CMA competition and markets authority aims to deter wrongdoing
delivering effective enforcement
235
FCA objective to enable customers to make informed choice
Promoting competition
236
FCA risk based approach to supervision flexible portfolio subject to
pillars 2 and 3 only
237
statement regarding mystery shopping false
big part of FCA and undertaken freq
238
Under FCA model pillar 1 relates to
proactive supervision
239
purpose of threshold conditions COND in FCA handbook
min standards a firm must satisfy to become and remain authorised
240
main purpose of the FCA general prudential sourcebook GENPRU
sets out rules and guidance on adequacy of financial resources for regulated firms
241
in what section of FCA handbook would you fund rules on guidance and how key responsibility for managing business should be allocated
SYSC
242
Firm arranges general insurance policies
ICOBS
243
In what circumstance can person aggrieved by decision of upper tribunal appeal to court of appeal
only on a point of law
244
which rule applies an IFA under the authority client assets sourcebook CASS
if authorised to hold money must hold separately from own money in client bank account
245
under anti money laundering - following not acceptable means of verifying ID
recent bank statement
246
how long personal data processed for a particular purpose held?
no longer than necessary
247
under FCA rules when must authorised firm refer to a customer to the internal complaints
at or immediately after point of sale
248
how is Financial Services Compensation Scheme funded FSCS
By general levy on authorised firms
249
Which protected product must the FSCS make arrangement to secure continuity by transferring business to another provider
long-term insurance
250
which client gets least protection under the FCA business source book rules COBS
Eligible counterparts
251
following may a firm be permitted to classify a retail client as elective professional client
only if the firm has evidence that client has sufficient expertise experience and knowledge
252
to provide independant advice firms must
assess sufficient range of products that are sufficiently diverse in terms of type and issuer to ensue clients investment can be suitably met
253
what is duty of representative of marketing group who give investment advice on groups products
select appropriate product for client from range of products offered by the product provider they represent
254
example of best execution
an investment from sells shares on behalf of client on best available terms
255
retail clients on stakeholder products
a firm must explain why chose the stakeholder product
256
stakeholder range statement
pension providers can charge min annual management charge of 1.5% of value of pension reducing 1% after ten years
257
EU directive stated intention of aligning customer protection for insurance based invest products by mifid 11
the insurance distribution directive IDD
258
Which sales situation req client agreement
IFA selling collective investment scheme to client
259
which statement about completion of term assurance application form fo you think is true
the financial adviser may complete the application form but he customer must sign it
260
statement about columnar right to cancel regulated contract incorrect
pension open market there is a cancellation substitute notice procedure giving 14 days period refection before annuity is processed
261
fact find establishes that cannot afford to meet financial needs at once
FA should help establish order of priorities
262
liabilities section of fact find places emphasis on
Mortgages
263
under which FCA senior management function would firm MLR officer sit
required functinos
264
main purpose of FCA Code of conduct COCON
rules are intended to drive up standards of individual behaviour in FS
265
in relation to the statement of prince for approved persons APER which applies to approved persons who perform higher functions
ensure the business is organised so can be controlled effectively
266
primary responsibility for managing conflict of interest within authorised investment firm
senior management
267
relation to managing conflict of interest which statement false
internal audit function essential to management of conflict of interest
268
each of following is one of six consumer outcomes relating to fair treatment of customers with exception of which one?
consumers are obliged to take advice regarding which insurance products will best meet their needs
269
regulator guidance on management information relating to fair treatment of customers is it should be accurate timely and relevant and
consistent
270
component of ethical framework can be described as policies procedures tool kits for employees to use
operational
271
which suggests organisation has values led commitment to ethics
focus on preventing rather than correcting unethical behaviour
272
PIPSI
Protection Income protection pensions savings and investments
273
whose interests should a trustee represent
the beneficiaries
274
first communication by telephone which following is not one of the regulators req
the products that will be recommended must be described
275
example of treating customers fairly
take into circumstances and central to corporate culture
276
statutory maternity pay
a min of 6 months
277
tied representative from a bank when giving advice
recommend appropriate contract for client from company range
278
qualify for income support
16 years attained
279
under principles based approach to regulation, connects risk to compliance and ethical issues
GRC
280
Market value reduction applies to his with profits bond what is market value reduction
method by which the remaining investors in the fund are protected when someone withdraws cash
281
following banking crisis the FCA introduced new approach
intensive supervision
282
certified or an approved person role under
financial soundness
283
order of bankrupcy
secured creditors, costs of bankruptcy, preferential debts, ordinary debts
284
Employment and support allowance ESA split into
2 Phases
285
max period of reflection cooling off period for stakeholder pension
30 days
286
FCA and PRA statutory duty
contribute to protecting and enhancing the stability of the financial systems
287
the financial stability board is
international
288
reduce interest rates across eurozone
the european central bank
289
dual authorisation from PRA & FCA
major deposit taker offering full range of investment products and services
290
stimulate economy increase capital expenses
capital expenditure can be spent at home to stimulate employment tax cuts spent on imports
291
decision on interest rates from chancellor to bank
to remove political influence
292
defined contribution pension scheme - amount primarily receive based on
investment peformance
293
long are capital growth
shares
294
liability for trade debts
unlimited
295
trust - transfer claim of monies to the beneficiary
absolute
296
reduce risk protect and enhance
the financial policy committee
297
european economic area
EU plus iceland leichtinstien and norway
298
overal responsibility for senior management functions
chief executive
299
12 renumination policies effective form based on
standard salaries
300
exempt mifid capital resource requirement
20K
301
protection insurance cancellation period
30 days
302
insurance company mange and reduce financial risks to business by
maintaining adequate levels of solvency and reinsurance arrangements
303
FCA notified of terminatinos
14 days
304
products subject to rules on persistency
singel premium life and pension contracts
305
client agreement relating to investment be destroyed
5 years
306
ethnical perferances
pension planning
307
leadership tackle misconduct
by establishing an ethical vision and means to achieve it
308
ethnical dilemmas from a client
ask a trusted colleague
309
quantitive easing
not way of raising money to fund grwoth
310
sale rent back agreement differ from home reversion scheme
home reversion scheme are for people to release equity from their property
311
member of defined contribution occupational pension scheme can have their share identified
earmarked
312
disclosure and representations act 2012
take resonable care not to make a misrepresentation
313
if not will and no children
receive entire estate
314
HMRC directly reponsible for occupational pension scheme
the scheme trustees
315
truteees standard of care
utmost diligence
316
body had overall aim of raising rate of sustainable growth of economy and achievement of rising prosperity
HM treasury
317
objective of competition and markets authority can be described as
competition between companies in the uk remains fair for the benefit of business consumes and the economy as a whole
318
macro-prudential regulation for identifying systemic risks within financial services sectir
financial policy committee
319
firms make it clear who is repsonsible for which area
senior management responsibility
320
FCA liquidity tests for high risks firms
every 24 months
321
firm insure against actions from FCA
in respect of its own costs in defending FCA enforcement action and any costs it may required to pay to the FCA
322
FCA periodic fees
soley on the firms share of FCA budget for the current tax year
323
regulated advice as a result received initial disclosure document and demands and needs statement
advice on private medical insurance
324
agreement involvement credit up to 25K regulated the 2006 act removed the upper limit for
high net worth debitors
325
insurance company
PRA will determine whether meets threshold conditons
326
possession of assets and money
assets for a max of 28 days and not permitted for money under any circumstances
327
max FOS award
355K
328
european standardised info sheet and key info document
buy a property with a mortgage and money to invest
329
invested assets section least likely to reveal
ability to fund further investment
330
degree to which advisers are explaining life assurance contracts adequately most revealing
persistency ratios
331
Must have a principles and practices of financial management document for these types of business
with profit whole of life
| low cost with profits whole of life
332
dual regualted firm
the firm is regulated and supervised by two different regulators one on prudential and one on conduct
333
help to buy
not allowed to sub let
334
micro prudential decisions
prudential regulation committee
335
macro prudential regulation and systemic risks
financial policy commitee
336
freq FCA conduct periodic capital and liquidity tests for high risk
every 2 years
337
client agreement not req
where investor recieved advice from direct offer financial promotion and where life office advises on life and pension policies as a principal
338
Quantitive easing
liquidity increased resulting in lower interest rates
339
Trading floor
on-exchange financial market
340
joint tenancy
goes to the other if die
341
limited liability partnership
cannot be pursued for partnership debts except where provided personal guarantee
342
wife has income from trust and then capital split between children
interest in possession trust
343
PRA informed building society that failed to meet pillar 1 req of capital req directive
means it has insufficient capital to meet current credit market and operational risks
344
FCA when making rules and carrying out investigations may also pay due regards to
eight regulatory priniciples
345
FCA three operational objectives
consumer protection integrity of the uk financial system and competition
346
organisation tasked with identifying monitoring and taking action to remove reduce systemic risks with view of protecting and enhancing resiliance
the financial policy committee
347
bank based in the UK uthorised to provide on investments - regulated
PRA
348
Named individual supervisor
a fixed portfolio firm will have over a flexible portfolio firm
349
regulator reponsible for monitoring london stock exchange
FCA
350
which body in PRA responsible for important micro prudential decisions
Prudential regulation committee
351
FCA panel meet on monthly basis to discuss
current and future issues of relevance to FCA regulated firms
352
investments and subsidiary financial planning - part 4a permission provided by
the PRA
353
subject to FCA investigation and not notified
insider dealing
354
time for agreement tot be sent loan
7 days
355
consumer credit act expanded definition of individual entitled protection
sole traders partnerships of 3 or fewer partners and unincorporated associations
356
cancellation home insurance
14 days
357
miffed exempt capital resource
20K
358
mortgage introducers do not req FCA authorisation
do not provide advice to clients
359
exempt from capital req directives - most likely to be
small intermediary business
360
appointed rep hold client money
not permitted to hold under any circumstances
361
insurance comp applied to both PRA and FCA for authorisation
PRA determine meet threshold conditions
362
pension ombudsman can receive complaints relating to
the decision of pension protection fraud and the administration of occupational schemes
363
personal pensino SL and literature
records relating to advice min of 5 years and literature 6 years
364
key aims of senior management
make firm responsible for authorising those who undertake sig harm functions, give FCA wider powers, provide clarity of responsibility
365
likely reason to appeal to upper tribunal tax and chancery chamber
because FCA refused application for authorisation
366
max term of imprisonment
2 years
367
contract terminated
need to tell FCA 14 days laters
368
solvency 11 directive
family income benefit, term assurance, income protection insurance
369
fair clear not misleading
stocks and shares and skateholder pension
370
independant firm
allow off panel recommendations and ensure model portfolio caters for clients individual circumstances
371
agreemnet not req
where the investor receives advice from a direct offer financial promotion and were a life office advises on life and pension policies as a principals
372
multi-tied
range of products but restricted ot one provider
373
earliest date investments destroyed
on the date the client relationship ended
374
principles and practices of financial management document
with-profits whole of life and low cost with profits whole of life
375
lighter touch advice
questions about debt levels and investment objectives and questions about toloreance of risks and pension rights
376
latest date an SL can be produced
2 weeks
377
SL non compliant
cost of implementation of products recommended
378
Risk management category
identifying the risk profile of the business
379
monitoring persistency and decline
investigate why there is no improvement in performance
