Topic 24 Flashcards
Other regulation affecting the advice process
One of the Pensions Regulator’s powers is that it is able to investigate schemes to identify and monitor risks.
All occupational pension schemes must carry out the following actions except:
a. informing the regulator quickly if it discovers that it cannot meet the funding requirements.
b. making regular returns to the Pensions Regulator.
c. providing details of any changes to important information.
d. providing details to the regulator of every transfer out of the scheme.
d. providing details to the regulator of every transfer out of the scheme.
The legal person that processes personal data on behalf of a firm is known as the:
a. data controller.
b. data processor.
c. data subject.
d. Information Commissioner.
b. data processor.
In relation to data protection requirements, which of the following is false?
They:
a. apply only to electronic records.
b. apply to paper-based and electronic records.
c. give individuals the right of access to data relating to them.
d. require that data must be kept accurate and up to date.
a. apply only to electronic records.
To which body should a firm report a significant breach of handling personal data?
The:
a. Financial Conduct Authority.
b. Financial Ombudsman Service.
c. Information Commissioner.
d. Prudential Regulation Authority.
c. Information Commissioner.
Under the General Data Protection Regulation, the definition of ‘special categories of personal data’ includes all of the following areas, except:
a. correspondence address.
b. health.
c. political persuasion.
d. religious beliefs.
a. correspondence address.
Which of the following is defined as a special category of personal data under data protection legislation?
a) Address.
b) Sex.
c) Age.
d) Race.
d) Race.
A firm subject to the Markets in Financial Instruments Directive must seek authorisation in each EEA country it intends to operate in.
True or False?
False
Which of the following data protection principles is incorrectly stated?
a) Principle 1: data must be processed lawfully, fairly and in a transparent manner in relation to individuals.
b) Principle 2: data must be collected for specified, explicit and legitimate purposes.
c) Principle 3: data must be adequate, relevant and limited to what is necessary in relation to the purposes for which they are processed.
d) Principle 5: data must be kept in a form which does not identify data subjects in any circumstances.
d) Principle 5: allows data to be kept in a form which permits identification of data subjects for no longer than is necessary for the purposes for which the personal data are processed, although archiving is allowed in certain circumstances.
The Pension Protection Fund does not protect members of personal pension schemes.
True or False?
True.
The Markets in Financial Instruments Directive applies to advising on:
a) unit trusts.
b) personal pension.
c) life assurance.
d) mortgages.
a) unit trusts.
With regard to oversight, which of the following is true?
a) Compliance officer is not a senior management function under the Senior Managers and Certification Regime.
b) External auditors are concerned with a firm’s processes and risk management.
c) Unit trust trustees are the legal owners of the trust assets.
d) Internal auditors are responsible for making sure a firm’s financial statements are accurate.
c) Unit trust trustees are the legal owners of the trust assets.
What is not a power available to the Pensions Regulator?
a) Issuing contribution notices.
b) Disqualifying trustees who are not considered fit and proper.
c) Issuing compensation notices for personal pension mis-sales.
d) Imposing fines or prosecuting offences through courts.
c) Issuing compensation notices for personal pension mis-sales.
The EU Consolidated Life Directive (2002) does not apply to which of the following?
a) Annuities.
b) Whole of life assurance.
c) Personal pensions.
d) Income protection.
c) Personal pensions.
The Insurance Mediation Directive and the Insurance Distribution Directive do not apply to tied agents of an insurance company.
True or False?
True.
Which of the following is true in relation to UK domiciled alternative investment funds (AIFs)?
a) Passporting rights give UK AIFs the facility to be marketed in EU member states under a streamlined process.
b) AIFs is the term used for UK UCITS wishing to market into the EU since Brexit.
c) UK AIFs sold in EU countries are subject to UK marketing rules.
d) UK AIFs can be marketed cross-border to a retail investor using the marketing passport.
b) AIFs is the term used for UK UCITS wishing to market into the EU since Brexit.
One of the Pensions Regulator’s powers is that it is able to investigate schemes to identify and monitor risks.
All occupational pension schemes must carry out the following actions except:
a. informing the regulator quickly if it discovers that it cannot meet the funding requirements.
b. making regular returns to the Pensions Regulator.
c. providing details of any changes to important information.
d. providing details to the regulator of every transfer out of the scheme.
d. providing details to the regulator of every transfer out of the scheme.
Which oversight group would most likely provide reasonable assurance that financial reports published are free from material misstatements?
a. Compliance officers.
b. External auditors.
c. Internal auditors.
d. Trustees.
b. External auditors.
