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last dance > Extra Special > Flashcards

Extra Special Flashcards

1
Q

GDPR Principles – PLAAIDS

A
  • Purpose limitation
  • Lawfulness, fairness and transparency
  • Accuracy
  • Accountability
  • Integrity and confidentiality
  • Data minimization
  • Storage limitation
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2
Q

What is the clue for GDPR Principles?

A

PLAAIDS

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3
Q

What should be considered when assessing protection products? (SPF QITCC)

A
  • Suitability
  • Price
  • Features
  • Quality of service
  • Investment choice and performance
  • Tax implications
  • Charges
  • Cancellation rights
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4
Q

What is the clue for assessing protection products?

A

SPF QITCC

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5
Q

FTOC 6 consumer outcomes

A
  • Fair treatment of customers
  • Products/services meet needs
  • Consumers are appropriately informed
  • Suitable advice
  • Products/services of acceptable standard
  • No unreasonable post-sale barriers
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6
Q

What are the FCA guidance on vulnerable clients? (ASSUM)

A
  • Act with appropriate levels of care
  • Skills and capabilities of staff
  • Service design, customer service and communications
  • Understanding vulnerability
  • Monitoring and evaluation (ICS)
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7
Q

What is the clue for FCA guidance on vulnerable clients?

A

ASSUM

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8
Q

What does a philanthropist need to consider regarding impact investing / social investing? (REBBELL)

A
  • Reputation
  • Experience in mission activities
  • Bureaucracy
  • Benefit of potential financial return
  • Expertise in products available
  • Longevity
  • Less control
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9
Q

What is the clue to consider for impact investing/social investing?

A

REBBELL

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10
Q

What are the different Fiduciary Duties? (MAD CCLM)

A
  • Duty to manage conflicts of interest
  • Duty to avoid unauthorised transactions
  • Duty to disclose information
  • Duty of care
  • Duty of confidentiality
  • Duty of loyalty
  • Duty to monitor and review
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11
Q

What is the clue for the different Fiduciary Duties?

A

MAD CCLM

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12
Q

What other considerations should be made in suitability reports? (HITCHHAB)

A
  • How client dis/advantaged
  • Importance of review process and cost of advice
  • Tailored to customer
  • Costs and charges
  • Highlight risks
  • Highlight objectives omitted
  • Attitude to risk and capacity for loss
  • Balanced view
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13
Q

What is the clue for other considerations in suitability reports?

A

HITCHHAB

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14
Q

What are the different purposes of a trust? (SPECTICS)

A
  • Someone too young to handle affairs
  • Pass on assets (in lifetime or on death)
  • Employee incentive schemes (pensions)
  • Control and protection of family assets
  • Tax planning
  • Investment vehicle (unit trusts)
  • Confidentiality
  • Someone loses mental capacity
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15
Q

What is the clue for different purposes of a trust?

A

SPECTICS

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16
Q

What are the six high level principles set by TPR? (WEDGUC)

A
  • Well administrated/comprehensive records
  • Effective governance and monitoring
  • Deliver good outcomes
  • Good communication to memebers
  • Understand duties
  • Comprehensive governance framework
17
Q

What is the clue for the six high level principles set by The Pension Regulator (TPR)?

A

WEDGUC

18
Q

Which offences are in the Market Conduct Sourcebook (MAR)? (MIDMIM)

A
  • Manipulating transaction
  • Insider dealing
  • Dissemination
  • Manipulating devices
  • Improper Disclosure
  • Misleading behaviour and distortion
19
Q

What is the clue for the different offences in the Market Conduct Sourcebook (MAR)?

A

MIDMIM

20
Q

What does the Charities Act define as a ‘charitable purpose’? (PARACHARAE)

A
  • Promotion of human rights
  • Advancement of education
  • Relief of poverty
  • Amateur sport
  • Conflict resolution
  • Health
  • Animal welfare
  • Religion
  • Arts and heritage
  • Environmental protection
21
Q

What is the clue for the different ‘charitabl purposes’ defined by the Charities Act?

A

PARACHARAE

22
Q

What is the role of the investment policy statement (IPS)? (ALASTTIIRR)

A
  • Asset allocation
  • Liquidity requirements
  • Any other factors
  • Selected benchmark
  • Time horizon
  • Tax position
  • Investment strategy
  • Investment objectives
  • Risk profile
  • Restrictions
23
Q

What is the clue for the role of the investment policy statement?

A

ALASTTIIRR

24
Q

What are the duties of trustees? (PACCK)

A
  • Provide information to beneficiaries when requested
  • Act impartially between beneficiaries
  • Comply with terms of trust
  • Control trust property
  • Keep accounts
25
Q
A

last dance (8 decks)

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