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263 Cards in this Set
- Front
- Back
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If the EU issues regulations in respect of the financial services industry, how would the UK be expected to respond?
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It must implement them without any changes
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When determining the interaction between the UK and EU on the regulation of the financial services industry, the UK government must always
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Implement new EU Directives by passing acts of parliament
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A bank has its own portfolio management team. This would indicate that it
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Provides a discretionary management service
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How are UK government gilts issued and traded?
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New gilts are issued by the debt management office and subsequent trading is done on the London stock exchange
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Public companies usually raise long-term capital by issuing
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Bonds and shares
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What discretion, if any, does the financial services authority have over the decision to implement the requirements laid down by the EU in respect of financial services?
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It has no discretion over any requirements
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Albert a widower aged 66 is reviewing his financial needs and priorities with his financial adviser. If his attention is particularly being drawn to tax planning issues, this would most likely be because he has
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Total assets valued at £750,000
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Albert a widower aged 66 is reviewing his financial needs and priorities with his financial adviser. If his attention is particularly being drawn to tax planning issues, this would most likely be because he has
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Total assets valued at £750,000
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
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Demonstrated a consistent history of overspending and taking credit
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
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Demonstrated a consistent history of overspending and taking credit
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A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
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An income protection insurance policy
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
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A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
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An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
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House purchase
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
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A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
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An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
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House purchase
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Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
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Andrew may qualify for statutory paternity pay for up to 2 weeks
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
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House purchase
|
|
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Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
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Andrew may qualify for statutory paternity pay for up to 2 weeks
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|
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Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
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The amount is within his annual stocks and shares isa limit
|
|
|
Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
|
House purchase
|
|
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Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
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Andrew may qualify for statutory paternity pay for up to 2 weeks
|
|
|
Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
|
The amount is within his annual stocks and shares isa limit
|
|
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Adam is married with three young children and following a financial review the need for additional life assurance was identified with the proceeds going to someone outside of his family. This was justified because he is
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One of three business partners
|
|
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
|
House purchase
|
|
|
Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
|
Andrew may qualify for statutory paternity pay for up to 2 weeks
|
|
|
Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
|
The amount is within his annual stocks and shares isa limit
|
|
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Adam is married with three young children and following a financial review the need for additional life assurance was identified with the proceeds going to someone outside of his family. This was justified because he is
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One of three business partners
|
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The life cover protection need for Ivor, aged 28 is of a reducing nature tailing off by age 40. However a decreasing term assurance was not considered to be suitable. What other product is likely to best address this need?
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Family income benefit assurance
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|
|
Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
|
House purchase
|
|
|
Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
|
Andrew may qualify for statutory paternity pay for up to 2 weeks
|
|
|
Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
|
The amount is within his annual stocks and shares isa limit
|
|
|
Adam is married with three young children and following a financial review the need for additional life assurance was identified with the proceeds going to someone outside of his family. This was justified because he is
|
One of three business partners
|
|
|
The life cover protection need for Ivor, aged 28 is of a reducing nature tailing off by age 40. However a decreasing term assurance was not considered to be suitable. What other product is likely to best address this need?
|
Family income benefit assurance
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Keith is considering using the conversion option under his convertible term assurance policy and can easily afford to increase his premiums. What factor is most likely to influence his choice of the two main options typically available under this facility?
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The duration of cover required
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
|
House purchase
|
|
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Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
|
Andrew may qualify for statutory paternity pay for up to 2 weeks
|
|
|
Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
|
The amount is within his annual stocks and shares isa limit
|
|
|
Adam is married with three young children and following a financial review the need for additional life assurance was identified with the proceeds going to someone outside of his family. This was justified because he is
|
One of three business partners
|
|
|
The life cover protection need for Ivor, aged 28 is of a reducing nature tailing off by age 40. However a decreasing term assurance was not considered to be suitable. What other product is likely to best address this need?
|
Family income benefit assurance
|
|
|
Keith is considering using the conversion option under his convertible term assurance policy and can easily afford to increase his premiums. What factor is most likely to influence his choice of the two main options typically available under this facility?
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The duration of cover required
|
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Insurers impose an upper limit on the level of benefit payable under an income protection insurance policy because of
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Potential moral hazard
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Matthews financial adviser is considering recommending loan consolidation as a way of managing his debt situation and is satisfied with the affordability of the proposed arrangements. However this may not help Matthew because he has
|
Demonstrated a consistent history of overspending and taking credit
|
|
|
A financial adviser is conducting an analysis of the likely impact of the receipt of state benefits on the amount of cover thought necessary for his client. This will be particularly useful before recommending
|
An income protection insurance policy
|
|
|
An insurance policy which includes accident cover would most likely be used in connection with which particular financial need?
|
House purchase
|
|
|
Andrew aged 27 is employed and Samantha aged 26 is self employed. They had their first child and are deciding who should stop work to look after the baby. They should be aware that
|
Andrew may qualify for statutory paternity pay for up to 2 weeks
|
|
|
Paul aged 38 wishes to save £500 per month to build up a lump sum towards a special holiday for his 40th birthday. He is considering investing in either a cash isa or a stocks and shares isa and seeks advice on the best option. Which one of the following statements is true?
|
The amount is within his annual stocks and shares isa limit
|
|
|
Adam is married with three young children and following a financial review the need for additional life assurance was identified with the proceeds going to someone outside of his family. This was justified because he is
|
One of three business partners
|
|
|
The life cover protection need for Ivor, aged 28 is of a reducing nature tailing off by age 40. However a decreasing term assurance was not considered to be suitable. What other product is likely to best address this need?
|
Family income benefit assurance
|
|
|
Keith is considering using the conversion option under his convertible term assurance policy and can easily afford to increase his premiums. What factor is most likely to influence his choice of the two main options typically available under this facility?
|
The duration of cover required
|
|
|
Insurers impose an upper limit on the level of benefit payable under an income protection insurance policy because of
|
Potential moral hazard
|
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William required £100,000 of stand alone level critical illness cover but was quoted a prohibitively expensive first year premium. How was he able to immediately reduce the premium whilst maintaining the same cover?
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He elected for a reviewable premium basis
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Hannah wants to build up a retirement fund and has been recommended a stocks and shares isa rather than a stakeholder pension. This was because
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The entire fund is to finance a round the world cruise
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James retired with a large retirement fund. Despite having considerable building society deposits the main reason he took the pension commencement lump sum was because
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It was more tax efficient
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Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
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|
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Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
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David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
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Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
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David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
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Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
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Julia has a commercial lease
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
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Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
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Customer x and customer y are both companies
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
The financial services and markets act 2000 regulates the provision of which type of financial advice?
|
Advice to all individuals
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
The financial services and markets act 2000 regulates the provision of which type of financial advice?
|
Advice to all individuals
|
|
|
The directors of an authorised firm have formally appointed an external compliance support company. Why does the authorised firm retain responsibility for the compliance oversight function?
|
The authorised firm is not allowed to delegate their regulatory responsibilities
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
The financial services and markets act 2000 regulates the provision of which type of financial advice?
|
Advice to all individuals
|
|
|
The directors of an authorised firm have formally appointed an external compliance support company. Why does the authorised firm retain responsibility for the compliance oversight function?
|
The authorised firm is not allowed to delegate their regulatory responsibilities
|
|
|
The implementation of financial regulation across EU member states is carried out under which overarching programme?
|
Financial services action plan
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
The financial services and markets act 2000 regulates the provision of which type of financial advice?
|
Advice to all individuals
|
|
|
The directors of an authorised firm have formally appointed an external compliance support company. Why does the authorised firm retain responsibility for the compliance oversight function?
|
The authorised firm is not allowed to delegate their regulatory responsibilities
|
|
|
The implementation of financial regulation across EU member states is carried out under which overarching programme?
|
Financial services action plan
|
|
|
The competition commission has submitted a report to the treasury following an investigation into an area of financial services. If the report requires remedial action to be taken the most likely immediate outcome will be the
|
Treasury will provide direction to the financial services authority
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Damien and collette have been business partners for over 20 years and are reviewing their finance with Jack their financial adviser. They are keen to mitigate against the risk of being personally responsible for any debts of the business and therefore Jack has advised them to consider
|
Becoming a limited liability partnership
|
|
|
William and George are creating a trust. William is certain who his beneficiaries are but George is not. Which type of trust should William and George each create?
|
William should create an absolute trust and George should create a discretionary trust
|
|
|
Jason's job requires him to research the investment market in order to identify the competition levels within it. This indicates that he
|
Works for the office of fair trading
|
|
|
A client has previously written to her former adviser opting out of any marketing activities from the firm or any third parties. However she continues to receive direct investment offers from the firm. She should complain based on the firm not complying with which set of regulations?
|
Data protection act 1998
|
|
|
The financial services and markets act 2000 regulates the provision of which type of financial advice?
|
Advice to all individuals
|
|
|
The directors of an authorised firm have formally appointed an external compliance support company. Why does the authorised firm retain responsibility for the compliance oversight function?
|
The authorised firm is not allowed to delegate their regulatory responsibilities
|
|
|
The implementation of financial regulation across EU member states is carried out under which overarching programme?
|
Financial services action plan
|
|
|
The competition commission has submitted a report to the treasury following an investigation into an area of financial services. If the report requires remedial action to be taken the most likely immediate outcome will be the
|
Treasury will provide direction to the financial services authority
|
|
|
David has taken out a critical illness policy. Subsequently a claim he made was rejected due to non disclosure of material facts. This is most likely to be because
|
He deliberately withheld information
|
|
|
Karen and Julia both have leases within the same property. They both wish to exercise the right to purchase the freehold of the property. Why can only karen exercise this right?
|
Julia has a commercial lease
|
|
|
Customer x is in liquidation and customer y is in administration. This confirms that
|
Customer x and customer y are both companies
|
|
|
Alfred died intestate aged 88 leaving a spouse and one sister. If his estate is valued at £500,000 how will it be distributed?
|
£450,000 will go to his spouse and £50,000 will go to his sister
|
|
|
Tom and Bobby both run their own businesses but only tom is personally liable for the debt of his business this is because
|
Tom is self employed and Bobby is a company director
|
|
|
Peter applied to an insurer for a term assurance policy in his own life. The insurer was prepared to accept the risk subject to an increased premium as a result of the medical underwriting process. Peter agreed to the revised terms and submitted a direct debit from which premiums would be collected. Which statement regarding the requirements for establishing the contract is true?
|
The revised terms offered by the insurer represents a counter offer
|
|
|
Claire and Charles are the ordinary unsecured creditors of a debtor in bankruptcy. They are respectively owed £1,000 and £2,000. If after all else is settled, £2,400 remains for their total combined settlement, they will respectively receive
|
£800 and £1,600
|
|
|
Shirley and grant are trustees of separate trusts but Shirley's duties are much more straightforward than grant's. This is most likely to be because
|
They are trustees of an absolute trust and a discretionary trust respectively
|
|
|
Sam aged 12 has accidentally entered into an online contract whilst using the family computer. What is the legal position regarding this contract?
|
It is not enforceable as Sam does not have the capacity to contract
|
|
|
Carl an approved person has committed a market abuse offence. He is fined and as a consequence
|
It may affect his future employment prospects
|
|
|
An authorised firm has deemed that Jon and carol are fit and proper individuals. The firms record keeping requirements for Jon responsibilities are greater than for carols. This is because
|
Jon is a senior manager and carol is a customer adviser
|
|
|
Keith is a financial adviser for firm x which is an appointed representative of firm y. Keith recently sold a life policy and the paperwork was checked by his supervisor mark. Who is deemed to be the principle in relation to this business?
|
Firm y
|
|
|
Jeremy is no longer authorised and his name has been entered onto a different financial services authority public register. This most likely indicates that he
|
Is a prohibited person
|
|
|
A firm has successfully appealed to the financial services and markets tribunal. A possible consequence of this would be
|
Additional regulated activity authorisation being granted
|
|
|
Ian and Paula were approved persons who were subjected to disciplinary action and received regulatory sanctions. As a result only Ian's offence warranted criminal prosecution because
|
Ian breached a prohibition order whereas Paula failed to properly deal with a complaint
|
|
|
Firm a has been fined £100,000 by the financial services authority for insider dealing. Firm b has been fined £1,000,000 for a market abuse. This indicates that
|
Neither firm have received the maximum fine
|
|
|
An authorised firm disagrees with the enforcement action taken by the financial services authority. To which body would it appeal
|
The financial services and markets tribunal
|
|
|
Freddie is being prosecuted for market abuse if he is found guilty of criminal offences what is the maximum penalty that can be imposed on him?
|
An unlimited fine and a 7 year prison term
|
|
|
Following a recent assessment the regulator has advised an authorised firm of its concern over the firm's efforts to implement the treating customers fairly initiative this was because
|
The firm was unable to demonstrate tcf across it's entire range of activities
|
|
|
Following a recent assessment the regulator has advised an authorised firm of its concern over the firm's efforts to implement the treating customers fairly initiative this was because
|
The firm was unable to demonstrate tcf across it's entire range of activities
|
|
|
Sharon was selling personal pension plans to her clients leading them to believe they would be adequate for their retirement needs. A subsequent complaint has indicated that she has failed to meet the requirements of the treating customers fairly initiative because she
|
Created unrealistic client expectations
|
|
|
Following a recent assessment the regulator has advised an authorised firm of its concern over the firm's efforts to implement the treating customers fairly initiative this was because
|
The firm was unable to demonstrate tcf across it's entire range of activities
|
|
|
Sharon was selling personal pension plans to her clients leading them to believe they would be adequate for their retirement needs. A subsequent complaint has indicated that she has failed to meet the requirements of the treating customers fairly initiative because she
|
Created unrealistic client expectations
|
|
|
Tom is currently an adviser in an authorised firm. He is about to be promoted and to undertake a significant influence function. This means that he
|
Will still be allowed to advise clients
|
|
|
Following a recent assessment the regulator has advised an authorised firm of its concern over the firm's efforts to implement the treating customers fairly initiative this was because
|
The firm was unable to demonstrate tcf across it's entire range of activities
|
|
|
Sharon was selling personal pension plans to her clients leading them to believe they would be adequate for their retirement needs. A subsequent complaint has indicated that she has failed to meet the requirements of the treating customers fairly initiative because she
|
Created unrealistic client expectations
|
|
|
Tom is currently an adviser in an authorised firm. He is about to be promoted and to undertake a significant influence function. This means that he
|
Will still be allowed to advise clients
|
|
|
A firm is acting in accordance with the financial services and markets act despite not being authorised by the financial services authority. This is because it is
|
An appointed representative
|
|
|
Rachel works in the treasury department of a local authority. How is this activity viewed under the financial services and markets act 2000?
|
Neither she nor the local authority must be authorised
|
|
|
In what circumstances if any must the financial services authority notify an adviser of a change of the scope of an ongoing investigation into his conduct?
|
If absence of notification may prejudice the adviser
|
|
|
Caroline and Anne are both approved persons but only Caroline performs a significant influence function. In accordance with the regulations this means that
|
Caroline's requirement to exercise due skill care and diligence is broader
|
|
|
Caroline and Anne are both approved persons but only Caroline performs a significant influence function. In accordance with the regulations this means that
|
Caroline's requirement to exercise due skill care and diligence is broader
|
|
|
The financial services authority is able to take action against an individual who is a manager performing a significant influence function but is not authorised to give investment advice because of
|
His approved person status
|
|
|
An authorised firm is moving offices and during the move discovers a file relating to a pension transfer made in 2002 for a former client. What must the firm do with this record
|
Retain it definitely
|
|
|
Stuart an employee of an investment management company is subject to an ongoing fit and proper test because he
|
Undertakes a controlled function
|
|
|
The financial services authority seeks to meet its responsibilities under the governments national framework for financial capability by
|
Bringing together organisations and interested parties to improve the nations knowledge and understanding of personal finance
|
|
|
The financial services authority seeks to meet its responsibilities under the governments national framework for financial capability by
|
Bringing together organisations and interested parties to improve the nations knowledge and understanding of personal finance
|
