Chapter 2

Question 1

Within the life and pensions sector, how is product information made available to individuals?

Answer 1

Factsheets,
Product Key Fact Illustrations,
Key Information Documents

Question 2

What are the three types of restricted advice?

Answer 2

Multi-Tied
Single-Tied
Whole Market

Question 3

What are Platforms?

Answer 3

Internet based services used by Financial Advisors and sometimes clients to view and administer investments.

Question 4

When do we look at asset classes?

Answer 4

When determining an underlying investment approach within a product.

Question 5

What is a fact-find?

Answer 5

A document which allows the Financial Advisor to gather information on their customer about the current financial circumstances and their future financial goals.

Question 6

What factors are service levels driven by?

Answer 6

Complexity of the product/plan,
Amount invested,
Preference from the customers

Question 7

What is a service Level Agreement (SLA) and what does it define?

Answer 7

A contract between a firm and its customer that defines the services that the firm will provide and the required level or standard for those services.

Question 8

What is Holistic Financial Planning?

Answer 8

The process of finding advice and recommendations linked to all of the customers financial affairs.