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James has notes which are accepted as legal tender. This is because they have:
Up to what percentage of their liabilities may Building Societies raise funds on the wholesale markets?
Which of the following is not a function of the BOE?
Under what circumstances, if any, can a nation opt-out of a regulation laid down by the European Council and Council of Ministers?
Why are bank deposit accounts not generally considered to be the most suitable product for long-term investment?
Gilt-edged securities are considered to be safe investments because they:
A new gilt issue has received wide publicity in the press, in which it has been referred to as medium-dated. However, the UK Debt Management Office has described it as short-dated. It will, therefore, be for which of the following terms?
If an individual is looking at sustainable dividends, what would be a good indicator to look at to verify this?
A public limited company wishes to raise additional finance by issuing more shares. They are therefore obliged to:
Historically, why were most buy-to-let mortgages charged at a higher rate of interest than most owner-occupied mortgages?
The UK has implemented an inflationary budget, what would this imply?
A key difference between a debenture and a loan stock issued by a company is that a debenture:
Simon intends to invest in a money-market deposit account. This is most likely to suggest that he:
An investment trust is best described as
Ethan has been particularly attracted to investment trusts because of their ability to benefit from gearing. This indicates that Ethan believes that the market will:
On a With-Profits policy, what is a reversionary bonus?
How would an offshore reporting fund be taxed for a UK resident and domiciled investor?
Which of the following claimants would not qualify for Support for Mortgage Interest Relief?
What is the main advantage of a ‘capped’ interest rate option when taking out a mortgage?
Janet earns £30,000 per annum and does not currently have any pension arrangements. What is the maximum gross amount that she could pay into a pension, and receive tax relief?
A mortgage protection policy is a type of:
The risk of investment fluctuations can be reduced through which feature of the investment process?
What is the correct name for a mortgage scheme which typically allows overpayments, underpayments and payment holidays?
In relation to stakeholder and personal pensions, the open market option (OMO) enables the plan holder to:
Darren has an investment bond issued by a UK life office, invested in their managed fund. At what rate is the provider’s underlying fund taxed?
Harry is reviewing a range of investment products before selecting the most appropriate solution for his client, Kate. Which factor is Harry least likely to take into account when selecting an appropriate solution?
What is the advantage of explaining the benefits when making a product presentation to a client?
Which of the following financial needs usually becomes the priority on becoming a parent?
Which of the following pieces of information would be regarded as a Hard fact for Alice, who is a new client?
Darren has set up a trust fund for the benefit of his three grandchildren and has appointed two trustees. Which of the following is correct?
Having been named as an executor under a will, Kate now has the legal authority to act because:
Any loss made by a partnership is usually:
Under the law of agency, a recent act by an agent has been subject to ratification. This implies that the agent has:
Jay and Janet own their house on a joint tenancy basis. If Jay dies:
The difference between a lasting power of attorney and an ordinary power of attorney is that:
If Leon is declared bankrupt, under normal circumstances, for how long will his bankruptcy order remain in place?
Which of the following individuals would most likely be considered a UK resident for tax purposes?
Amy was 70 years old and has recently passed away. She was receiving a final salary pension. What death benefit would be paid to her spouse?
Matthew has been advised that his redundancy payment will definitely suffer a tax liability because:
Which of the following assets would be exempt from capital gains tax?
Raj is self-employed and has a turnover of £70,000. His allowable business expenses are £20,000 in 2019-20. What is his income tax liability? And when is the latest that he can file his return?
When calculating capital gains tax, what are ‘allowable‘ deductions?
How does a peer to peer lending platform make money?
What is Gross Domestic Product (GDP)?
Amanda is pregnant with her first baby. She has been a full-time self-employed graphic designer since leaving university. What benefit may Amanda be able to claim before her baby is born?
When a ‘chargeable lifetime transfer’ of £500,000 is made, what rate of tax, if any applies immediately?
What will be the minimum employer pension contributions on qualifying earnings from 2019 following the introduction of auto-enrolment?
For an investment to grow in real terms, it must increase in value:
Which type of fee is normally charged on a fixed-rate mortgage, but not on a standard variable rate mortgage?
An advantage of a variable rate mortgage is that:
The section within the FCA Handbook covering specialist sourcebooks includes arrangements for:
The Financial Conduct Authority exists to:
Which of the following does not apply to conduct risk?
One of the Principles for Businesses as defined by the regulator is that firms must act with skill, care and:
What is the main reason for the implementation of systems and control rules within the FCA handbook?
What is the FCA’s reasoning behind the senior manager’s regime and implementing a responsibilities map for the managers?
Under the definitions of market abuse, which of the following is specifically covered?
The EU Directive on insurance mediation states that intermediaries must hold a percentage of premiums as a buffer to protect client funds. Which of the following is correct?
An intermediary must hold:
The maximum size of loan for private individuals, if any, regulated by the Consumer credit Act 2006 is:
When Allen received his monthly payslip on the 21st June, his normal occupational pension scheme contribution of £250 had been deducted by his employer. What is the latest date that his employer should pass this contribution to the scheme’s trustees, if the Pension Regulator’s guidelines are followed?
Which additional financial product is now regulated under MiFID II, following its implementation in 2018?
A firm of stockbrokers is conducting MiFID business. When giving advice to their clients, for what minimum period must they keep records of the fact finds?
The Solvency Capital Requirement of an insurer is the risk-based capital required to ensure that the firm can meet what percentage of its obligations over the next year?
Up to how many days has a firm got to deal with a complaint to avoid it being subject to the full process under the FOS complaints system?
Which organisation from the following list cannot make a super-complaint to the FCA?
If the FCA discovers a contravention of its rules, one of the steps it may take is to vary a firm’s permissions.
This means that the firm:
Who appoints the pensions ombudsman?
Which/who of the following is not eligible to claim from the FSCS?
The FCA requires that a record is maintained of written financial promotions. What additional record keeping requirements are there for this kind of promotion?
Within the MCOB 13 rules on arrears and repossessions. If a customer goes into arrears, which of the following does not apply?
Once an employee of a regulated firm is deemed to be competent, the firm must have arrangements in place for this competence to be maintained.
This is most commonly achieved through:
Ethan has undergone his initial financial adviser training but has not yet passed the regulatory module of an appropriate approved examination. Under which circumstances might he be allowed to advise customers about regulated products, if at all?
In regards to pension complaints and the Pensions Ombudsman Service (POS), which of the following is correct?
Which of the following statements is true in relation to Training and Competence rules?
Which of the following is the correct FCA definition of independent advice?
Which of the following mortgages is not regulated by the Financial Conduct Authority?
What is the maximum financial services compensation limit for an investment company, in the event of default?
Rohan is in the mortgage process and has just received a tariff of charges. What is the latest point in the process that he has reached?
Which regulator has micro-prudential responsibility?
If a customer cancels their general insurance contract within the cooling-off period, the insurance company must return any sums paid to it within how many days?
Which/who of the following is an eligible counterparty?
Within the Insurance Mediation Directive, what percentage holding of an insurance company must an insurance intermediary disclose to the customer within the initial disclosure?
The FCA rules state that a suitability report is required for all of the following, except?
Within Basel III, what does the Liquidity Coverage Ratio aim to achieve?
When managing a client’s investments, a benefit of having a designated investment management agreement in place is that:
A Key Information Document should include all of the following information, except?
What is the latest date that the suitability report can be sent to a customer?
When carrying out a sale on an ‘execution-only‘ basis, the responsibility for the decision making regarding the transaction rests with the:
When an adviser transacts designated investment business for a client, the basis or amount of the adviser’s charges would normally be disclosed in which document?
Ethan invested £1,000 in a unit-linked lump sum-product and cancelled seven days later. He subsequently received a refund of £950.
What did the reduction in his original investment represent?
An adviser must issue a Key Information Document prior to a sale being concluded, for all of the following products except:
In relation to money laundering, how is ‘property‘ defined under the EU money laundering rules?
What is the main reason why an authorised firm’s senior management must requisition an annual report from its Money Laundering Reporting Officer?
Why was the Financial Action Task Force set up?
Why might money laundering regulations create ‘financial exclusion’?
Regulations established under the Financial Services and Markets Act 2000 require firms to make a commitment to try to resolve complaints within:
Which of the following is false in respect of complaints referred to an Ombudsman?
When an insurance company defaulted, both Company A and Company B lost £40,000. Company A, however, received greater compensation from the FSCS than Company B because:
Which of the following is not a lawful reason for processing data under the EU General Data Protection Regulation?
Which of the following is not correct in relation to a data subjects rights following the EU General Data Protection Regulations?
A data subject:-