CAI test revison

Question 1

what is legislation?

Answer 1

A law that has been passed by parliament

Question 2

Who are our regulators?

Answer 2

FCA, ICO, OFFCOM

Question 3

How do we manage risks?

Answer 3

Three lines of defence

Question 4

Who do the FCA regulate?

Answer 4

Consumer Credit Act 1974

Question 5

who do the ICO regulate?

Answer 5

General Data Protection Act 2018

Question 6

Who do OFFCOM regulate?

Answer 6

Communication Act 2003

Question 7

What is SAR?

Answer 7

Subject access request

the right to request a copy of any of their personal data

Question 8

What are the two types of data?

Answer 8

personal / special category

Question 9

If there is a breach of data how long does the DPO have to report it to the controller?

Answer 9

72 hours

Question 10

how much can the FCA fine us?

Answer 10

Unlimited amount !!

Question 11

how many PRINS do the FCA have?

Answer 11

11 principles of Business

Question 12

What is CONC?

Bouns point what section is it found?

Answer 12

Consumer Credit Sourcebook

Section 7

Question 13

What is the process of money laundering?

Answer 13

Placement - Layering - integration

Question 14

Who are CSA?

Answer 14

Credit Service Association

Question 15

Where do the FCA get their power from?

Answer 15

Financial service and market act 2000

Question 16

What is PAP?

Answer 16

Pre-Action Protocol

Question 17

How many principles of DPA are there?

Answer 17

6

Question 18

How much can the ICO fine us?

Answer 18

£17 million / 4% of group turnover

Question 19

If we tip customers of how long could we face imprisonment for?

Answer 19

5 years

Question 20

what are the two high risk countries which we CANNOT accept payments from?

Answer 20

Iran and North Korea (DPRK)

Question 21

There are 8 TFC outcomes True or False?

Answer 21

False. There are only 6

Question 22

Who are LSB?

Answer 22

The standards of lending practice (Lending standard boards)

Question 23

When a customer is facing financial difficulties, where should we refer them to?

Answer 23

Free monetary advice such as “Step Change”

Question 24

Who may we use to conduct trace activity?

Answer 24

Credit reference agencies

Question 25

When might we trace someone?

Answer 25

When the customer no longer appears to be residing at their last known address or contact has been lost.

Question 26

Which one isnt an Example of risks / threats? - Malicious Emails - Human attack - Inappropriate Access

Answer 26

Human Attack is not an Example.

Question 27

We must never provide a 'caller line identification' when contacting third parties True or False?

Answer 27

False. We must ALWAYS provide a CLI

Question 28

What is the minimum we should let the phone ring for?

Answer 28

15 seconds

Question 29

How many rights do the Data subject have?

Answer 29

8

Question 30

What is insolvency mean?

Answer 30

When an individual/organisation can no longer meet its financial obligations with its lender or lenders as debts become due.

Question 31

How much does it cost to file for Bankruptcy?

Answer 31

£680

Question 32

What is the minimum you MUST owe for a creditor to make you bankrupt?

Answer 32

£5,000

Question 33

What is a DRO?

Answer 33

Debt relief order (a way to have your debts written off if you have low level of debt and a few assets)

Question 34

How much does it cost to enter into a DRO?

Answer 34

£90

Question 35

What is the Scottish equivalent to Bankruptcy?

Answer 35

Sequestration

Question 36

What is the limitation period for England?

Answer 36

6 years

Question 37

What act is Statured barred governed under?

Answer 37

Limitations act 1980

Question 38

When does a debt in Scotland become Extinguished?

Answer 38

After 5 years

Question 39

What is a silent call?

Answer 39

When an agent is ready and has taken a call however chooses not to speak to the customer or disconnects the call.

Question 40

What is an abandoned call?

Answer 40

Occur when companies using dialler system, place more calls out than they have staff to be ready at the end of the line. When an inbound call occurs and no agents are available. (dont want to be on hold)

Question 41

Is a silent call a breach of OFCOMs regulations?

Answer 41

Yes! A Serious breach and can have a consequence of disciplinary action.

Question 42

How much does it cost to become a member to the CSA or LSB?

Answer 42

Nothing! it is completely on a voluntary basis.

Question 43

Why do we chose to become members to the CSA/LSB?

Answer 43

To maintain best practice and adhere to legislation.

Question 44

Who do ICO report to about data protection issues?

Answer 44

Parliament

Question 45

If an induvial request a SAR how long does an organisation have to respond with the information?

Answer 45

1 calendar month

Question 46

What must we obtain before we can take any further enforcements?

Answer 46

A CCJ (County court judgement)

Question 47

What 5 enforcements can we take if no agreement made after CCJ?

Answer 47

- Warrant of control - Writ of Control - Attachment of earnings - Charging order - Bankruptcy - order for sale

Question 48

What act is Extinguished governed under? (Scotland)

Answer 48

limitations act 1973

Question 49

What 3 enforcements can we take if no agreement made in Scotland?

Answer 49

- Earnings Arrest - Letter of inhibition - Sequestration

Question 50

What are the English and Wales alternative to Bankruptcy?

Answer 50

- IVA (individual Voluntary Agreement) | - DRO (debt relief order)

Question 51

What are the Scottish alternatives to Sequestration?

Answer 51

- Trust deed | - MAP (minimal asset process)

Question 52

Who are FOS?

Answer 52

Financial ombudsman service

Question 53

After 25 cases of Complaints how much with the FOS start to charge per Case: - £550 - £680 - £650

Answer 53

£650 per case that is referred to FOS

Question 54

who can complain?

Answer 54

Anyone!

Question 55

what is an SRC?

Answer 55

Summary resolution communication

Question 56

How long do we have to give a final response to a complaint before it goes to the FOS?

Answer 56

8 weeks

Question 57

Which is not an example of a complaint? 1 - "i am not happy with" 2 - "no one ever answers the phone" 3 - "id rather wait to speak until my spouse gets home"

Answer 57

3- This is not an example of a complaint.

Question 58

Can the FOS request copies of relevant documentation from a business when investigating a complaint in order to consider both sides independently?

Answer 58

Yes they can.

Question 59

True or False - Can fos award compensation if considered appropriate in relation to an individuals complaint?

Answer 59

True.

Question 60

what is a power of attorney?

Answer 60

A power of attorney or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter.

Question 61

What is a court of protection?

Answer 61

It has control over the property, financial affairs and personal welfare of people who lack mental capacity to make decisions for themselves.

Question 62

What's the difference between a power of attorney and a court of protection?

Answer 62

The court of protection is NOT decided by the person it relates to.