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FCA UK Regulation Sample Exam|75 Questions and Answers 2023/2024
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FCA UK Regulation Sample Exam|75Questions and Answers 2023/2024
Which of the following is TRUE for a regulated firm under Money Laundering
rules and regulations? - -Staff must be trained to recognise and deal with
suspicious transactions
-Under the Proceeds of Crime Act 2002, criminal property is defined as - -
any benefit derived from criminal behaviour
-Under what legislative framework can certain consumer bodies alert the
FCA to supercomplaints? - -Financial Services Act 2012
-The FCA`s COBS rules apply to: - -a UK investment management company
managing a pension fund for a Berlin based company
-What is the role of the Financial Ombudsman Service? - -Administer and
operate a dispute resolution service for clients of FCA-authorised firms
-Which of the following must be disclosed to a retail client when holding
designated investments or client money subject to MiFID? - -Details of any
investor compensation scheme applicable
-Which of the following claimants would warrant compensation by the
Financial Services Compensation Scheme? - -The trustee of a personal
pension fund
-Which of the following constitutes a regulated activity under the FSMA
2000? - -Acting as a manager of an authorised unit trust
-Which of the following UK firms are directly subject to the requirements of
MiFID when undertaking designated investment business? - -Stockbrokers
-A firm receives a complaint from a customer relating to MiFID business.
What is the MINIMUM period records should be retained? - -Five years from
the date the complaint was received
-Which of the following is TRUE in respect of the Client money rules - -Client
money must be separate from the firm's bank accounts
-Which of the following imposes the anti-money laundering requirements of
criminal law on a stockbroker? - -Proceeds of Crime Act 2002
, -The main focus of the FCA`s supervisory approach on which its resources
are focused is to: - -achieve its statutory objectives
-Which of the following payments are permitted to a third party on behalf of
a client, by an introducer of business? - -Fees which are necessary for the
provision of the service - such as custody fees
-When looking for a personal recommendation for a client, why is it
necessary to obtain so much information concerning their financial situation,
investment objectives, knowledge and experience? - -So that the firm can
make recommendations that are suitable for the client
-In order to comply with the Data Protection Act 2018, for how long should
personal data be held? - -No longer than necessary
-A life office is launching a new product in the retail market. In order to
satisfy the FCA`s treating customers fairly consumer outcomes, this product
must be: - -appropriately targeted
-A client wishes to purchase a significant holding of a `complex` instrument
but does not wish to enter in to an advisory or discretionary business
relationship - -The rules on `appropriateness` for `non-advised` sales must
be considered
-Which of the following statements is TRUE of a firm requesting
authorisation to carry out investment business under the FSMA 2000? - -It
must have adequate resources
-A client wants to cancel her investment in an authorised UK unit trust. What
is the maximum number of days after her original purchase that she can
cancel without incurring possible charges? - -14 days
-Financial firms which prepare research recommendations have to comply
with detailed standards in relation to presentation and disclosure in order to
ensure that: - -such recommendations are fairly presented
-The general defence of `not expecting any person to deal....` is only
available against an allegation of insider dealing: - -in relation to the offence
of disclosure
-For retail clients, periodic reports must contain prescribed information,
which includes: - -the firm`s name
-Where a £1,000 cheque paid to a firm comprises £900 of client money and
£100 to pay the firm`s fees, under what circumstances would this cheque be
treated as client money? - -Always
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