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Tricky Qu Flashcards

0
Q

What is a likely affect, if any from a fall in sterling compared to others?

A

Inflation

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1
Q

Deflation occurs when the purchasing power of money….

A

Rises and the gen price level of goods falls

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2
Q

Uni wol policy, least likely benefit

A

Long term care

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3
Q

Typical inc in premium for convertable term ass

A

10-15%

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4
Q

Max from state for funeral

A

1k

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5
Q

Net div of 90, what would highe rate tax payer pay?

A

£22.50

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6
Q

Fsa can ask courts for ind to forfiet any profits made in contravention of regs, this is?

A

Restitution

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7
Q

Which fsa handbook contains principles for bus?

A

High level stds

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8
Q

Min period advisor must keep record of ipi sales?

A

3 yrs

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9
Q

If client fail to disc all material fact for life ass pol, contract is….

A

Voidable

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10
Q

Index used to revalue index linked gilts

A

RPI

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11
Q

NS&I product pay int gross but is taxible

A

Income bond

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12
Q

What type of schemes does pensions reg cover?

A

Occ scheme and group personal or stakeholder schemes only

Ie not individual personal

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13
Q

Regs cca?

A

OFT

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14
Q

Fsa bus stds for inv firms is contained in….

A

Market conduct sourcebook

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15
Q

Past perf figs in a promo must be min of…

A

5 yrs

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16
Q

For life policy, when should suitability report be given to cons?

A

B4 canc notice is sent and before plan in force

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17
Q

Reg prem pension product, what is deadline for giving suitability report?

A

B4 stat canc notice sent

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18
Q

Lasting prop and affair poa which has been reg, what happens if doner bko?

A

Revoked and matter deferred for court of protection

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19
Q

What will always revoke or invalidate a will?

A

Mental incap of testator at time will affected

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20
Q

Type of tax adv lost is settlor is also bene of a trust

A

IHT

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21
Q

Max exit chrg on 18-25 trust?

A

4.2%

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22
Q

Gearing risk is what type of risk?

A

Pure risk

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23
Q

Using collective inv is an attempt to address what type of risk?

A

Non systematic

24
Wat risk do you avoid by trading in only large cos
Liquidity risk
25
Captive ins co is form of?
Risk retention
26
Canc period for gen ins
14 days from consumer receiving the notice
27
For non life product, when is the latest suitability report can be given?
With canc notice
28
When must key feature doc for personal pension be given?
Before app form signed
29
Min period non-mifid firm must keep training and competence record for approved person?
3 years from leaving
30
How sould firm dealwith conflict of int?
Manage conflicts fairly
31
Can you receive comm for advice?
Yes, but must offer fee basis
32
Canc period for disc gift trust arrgmt?
30 days
33
Freedom of movmt of cap under single euro act. | Restrictions on ptmys prohibited for what?
Goods and services
34
Max state give for funeral?
£2k
35
Max length of time premiums would be paid under waiver of prem on wol policy?
6 mths
36
Who does boe report to for roles and resposibilties?
Chanellor of exchequer
37
Fsa reports directly to...
Treasury
38
Controlled function not significate influence function?
Consumer function
39
Person dies interstate with no relative | Who gets the estate?
Crown or hm treasury- depending on location
40
Min amount of nominal gift to create an immediate post death interest trust during settlors lifetime is?
£10
41
Not a requirement for policy arranged under married persons property act? And requirements
``` Policy must refer to the act But must be: Applys end and wales only Own life pol For bene of spouse child, or civil partner ```
42
Financial intermediation mitigates what typemof risk?
Counterparty risk
43
Legal claim against firm is categorised as what risk?
Non-business and an event risk
44
Fsa reg primarily based on what?
Principles for bus
45
If you out inheritance in childrens acc, what will happen?
If interest >£100 on either acc, entire interest added to your income
46
Fsa's 'key facts' logo can be used on...
Service and cost disclosure docs | Not key feature docs
47
Unit linked ins bond valued at 100k | Max recovered under fscs?
90k | 90%- ins companies, non compulsary
48
Which trust immediately reduced iht liability?
Discounted gift trust
49
Discretionary trust rec gilt coupon of 3k | How much income tax payable?
1200 20% on 1st 1k 50% on rest
50
Mother sets up 2 life int trusts for kids 1 trust makes 10300 gain on disp of shares Cgt payable?
2142 5300/2 no of trusts assets split bet 10300-2165*0.28= 2142
51
Basel commitee on banking supervision is a multinational commitee of the....
Bank of international settlements
52
Share in 1 co- what type of risk?
Market and non-systematic
53
Main concern for invester with conventional gilts?
Inflation risk | Can get index linked gilts- rpi
54
Risk a terrorist incident constitutes?
Business continuity risk
55
Unit trust and key feature document- when should it be given?
Its not a mandatory req
56
The simplified conduct of bus rule in nov 07 designed to what?
Complement the fsa risk based approach
57
Re the fit and proper test all approved persons undergo, senior managers are subject to procedures that test tech skills and....
Ethics
58
Adequate risk management forms which fsa princ for bus?
Mngmt and control

DIPFA (24 decks)

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