Ch3

Question 1

4 requirements for practice brands

Answer 1

Compliant with legal requirements re names of partners, prinicpals and other participants

Compliant with practising designation guidelines

Shouldn’t advertise specialist service unless it has expertise

Suitable professional standard

Question 2

What arrangements should sole traders make for temporary incapacity

Answer 2

They should have contingency arrangements. They should consider if their firm had sufficient resources to meet obligations or if best to give to another firm on a locum basis. This should be a written agreement

Question 3

What should be in a sole traders incapacity agreement

Answer 3

Duration and extent of manager’s duties and responsibilities

Legal relationship between trader and personal representatives

Question 4

What should be ensured in a merger/dissolution

Answer 4

All clients are notified

Appropriate PII remains in place

Question 5

What’s included in regulated activities

Answer 5

Investment and pension advice

General insurance contracts advice

Question 6

CIOT membership doesn’t give authority to provide regulated activities services. A firm must be FCA authorised or member of a DPB. What are the DPBs?

Answer 6

Law Society
ICAEW
ICAS
Chartered Accountants Ireland
ACCA
IFoA
CLC
RICS

Question 7

What services can a member of a DPB membered firm provide?

Answer 7

Exempt regulated activities