Chapter 3

Question 1

What is meant by the term “brand”

Answer 1

Material used for external communications including practice stationary, advertisements, websites and other digital media

Question 2

What is a business continuity plan?

Answer 2

A plan which ensure the continuity of the business in the event of a serious incident such was a fire, flood, major IT system,s or security failure etc.

Question 3

Who should be notified if there’s a merger of 2 practices / dissolution?

Answer 3

All clients of the practice

Question 4

What is meant by regulated activities?

Answer 4

Investment, Pension advice, advice on general (non-investment) insurance contracts and establishing, operating / winding up an investment scheme

Question 5

List what FCE recognises as DPBs

Answer 5

• The law society (England and Wales)
• The law society of Scotland
• The law society of Northern Ireland
• The institute of chartered Accountants in England and Wales (ICEAW)
• The institute of chartered Accountants of Scotland (ICAS)
• Chartered Accountants Ireland
• The association of Chartered Certified Accountants (ACCA)
• The Institute and Faculty of Actuaries (IFoA)
• The Council for Licensed Conveyancers (CLC)
• The Royal Institution of Chartered Surveyors (RICS)