After Test Questions Flashcards
When discussing investing the proceeds of Bob’s mother’s estate, Martin advises Bob that he may need to provide up-to-date evidence of his identity. Which of the following documents are most likely to be acceptable for this purpose?
- A driving licence with photograph.
- A recent council tax bill.
- An electoral roll entry.
Martin is submitting his continuing professional development (CPD) records for the current period. It must:
- detail training and development for a minimum of 35 hours.
- be submitted to a recognised accredited body only.
In what circumstances, if any, is an independent financial advisers permitted to use a panel of providers?
Only if the panel is reviewed regularly.
Which of the following is true of Venture Capital Trusts (VCTs)?
Capital Gains Tax is payable on growth.
Dividends are paid tax free.
Higher rate tax relief is available.
They are low risk investments.
Dividends are paid tax free.
Under anti-money-laundering legislation, records of identification obtained from individuals must be held for a minimum of:
five years from the end of a customer relationship.
The CAC40 is the main stock market of which country?
France.
Where the FCA is engaging in wider diagnostic remedy work where there is potential for harm across a number of firms, it is exercising its powers of supervision under which heading?
Thematic.
Where a member of an occupational pension scheme makes a valid complaint to the trustees under the scheme’s Internal Dispute Resolution Procedure, within what maximum period from receipt of the complaint must the scheme trustees issue a formal response?
Four months.
Which organisation within the financial services industry makes use of a Proactive Intervention Framework (PIF)?
The PRA
Which type of life assurance policy is most likely to be used to cover an inheritance tax liability?
Whole of life.
For which of the following must financial advisers retain their records of advice provided indefinitely?
Defined benefit pension transfers.
One of the main benefits of using a bank as an intermediary is that the discrepancy between timescales can be eliminated. This is referred to as:
maturity transformation.
Who issues corporate bonds?
Companies.
Which of the following is true in relation to rules and guidance in the Conduct of Business Sourcebook?
- Both rules and guidance are binding on the firm.
- Contravening a rule will always result in enforcement action.
- Failure to follow guidance will result in disciplinary action against the firm.
- Firms will be regarded as having complied with a rule if they followed the guidance.
Firms will be regarded as having complied with a rule if they followed the guidance.
Alison was widowed, remarried and then divorced. She died intestate in April 2020 with an estate of £400,000. She was survived by her two children from her first marriage, as well as an adult stepson she had not seen since 2010 and a 14-year-old godson she looked after in the family home for the last few years. In these circumstances, who would be most likely to succeed in a claim to benefit from her estate in addition to her two children?
Her godson only.
