BPP Quiz

Question 1

The minimum number of people required to set up a UK private Limited company is

Answer 1

1

Question 2

Which regulatory Body is known as the lender of last report (LOLR)

Answer 2

Bank of England

Question 3

Prudential regulation is mainly about

Answer 3

Consumer protection

Question 4

Which one of these is not a key function of a central bank?

Answer 4

Assistance with delivering on their strategy and ensuring they always make profit.

Question 5

The financial services act 2012 (The act) came into force on 1 April 2013. Which bodies were formed as a result of this act.

Answer 5

Financial policy committee
Prudential regulatory authority
Financial conduct authority

Question 6

With regards to the UK regulatory framework, the chancellor of the Exchequer and the Treasury is responsible of

Answer 6

The regulatory framework and for all decisions involving public funds

Question 7

Which one of these is not an objective of the PRA?

Answer 7

To ensure there is a zero firm failure across the UK financial services sector

Question 8

Which one of these is not a operational objective of the FCA?

Answer 8

Promote the safety and soundness of the firms it regulates

Question 9

The money advice service

Answer 9

Provides free, impartial financial information and education

Question 10

From a global perspective, the FCA devotes time and resources to international engagement. It is a member of the international financial consumer protection organisation and contributes to the work of the

Answer 10

Financial stability board (FSB)
Financial action task force (FATF)
Organisation for economic cooperation and development (ORCD)

Question 11

The FSCS (financial services compensation scheme) provides a service for which groups

Answer 11

Consumers
Customers
Industry
Regulators

Question 12

Financial ombudsman service aim to give answers to complaints within how many days of receiving the complete complaints file in line with timescales in the EU directive on alternative dispute resolution

Answer 12

90 days

Question 13

If a customer holds money money with a UK authorised bank, building society or credit union that fails, the FSS will automatically compensate them up to

Answer 13

£85,000 per eligible person
£170,000 for join account

Question 14

A financial safety net is a comprehensive system for enhancing and ensuring a countries financial stability. It consist of which of the following elements.

Answer 14

= regulation and supervision
Lender of last report
Deposit insurance scheme
Bank insolvency/ resolution laws
Cooperation and resolution processes

Question 15

How many principles lie at the heart of the GDPR regulation?

Answer 15

7

Question 16

The regulator responsible for requiring firms to put the well-being of their customers at the heart of how they run their business, promoting effective competition and ensuring that market operates with integrity is

Answer 16

Financial conduct authority

Question 17

For a loan regulated by the consumer credit act 2006, the upper limit for the amount of loan to an individual is

Answer 17

None there is no limit

Question 18

The data protection act 1998 classifies data relating to a person religion as

Answer 18

Sensitive data

Question 19

The main objective of PSD2 (payment services directive) is to

Answer 19

Increase competition in the provision of Banking services

Question 20

The UK central bank is the bank of England, it’s mission is

Answer 20

To promote the good of the people by maintaining monetary and financials stability