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FSRE Flashcards

1
Q

Regulation needed for?

A

SIP
Stability
Institution Safety
Protect Consumer

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2
Q

FSMA 2000 did what?

A

Made FSA single regulator, instead of BoE

‘O others’

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3
Q

FSA 2012 did what?

A

‘1+2’
Twin Peaks: PRA, FCA
From ‘Authorities’: FSA, BoE, Treasury

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4
Q

EU Withdrawal Act 2018 did?

A

18: ‘Hateeen’
Retain laws as were, ‘correct’ deficiencies

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5
Q

F.S.A 2021 did what?

A

‘On the run’
In flight legislation

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6
Q

Layers of regulation?

A

PRIA
Parliament
Regulatory Bodies
Institutions
Arbitration

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7
Q

FPC responsible for?
Tools?

A

Macro prudential ‘big picture’

Counter Cyclical Buffer: Alter capital of risks on horizon
Sectoral Capital Requirements

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8
Q

PRA/FCA Principles of Regulation?

A

STEPCOST
Sustainable Growth
Tailored to each firm
Efficient/Economic use of resources
Proportionality: burdens vs expected benefits
Consumer take responsibility
Openness/Disclosure: incl publishing regulated people
SM responsibility
Transparency: Work as openly as possible

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9
Q

PRA statutory objectives?

A

PRA
Protection - For insurance policyholders
Rivalry - Enable competition
Assurance - Safety/Soundness of Institutions

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10
Q

PRA achieves objectives how? Using?

A

CLAC
Capital Compliance with Prudential Standards
Liquidity, Assets, Reserves
Annual Risk Ax of Risks
Contingency Plans Ax for Recovery/Exit

Proactive Intervention Framework

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11
Q

FCA Strategic Objective? Operational Objectives?

A

Ensure relevant markets function well

PIC
Protection for consumers.
Integrity of UK Financial System
Competition for Interests of Consumers

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12
Q

FCA Supervision Characteristics?

A

SCRAPPTC
Strategy Ax: For potential harms
Culture/Governance: Behaviours
Right Systemic Harms
Accountability: Individual & Firm
Proactive: Forward looking
Proportionate (Fixed Portfolio: Largest)
Two away Comms: Consumers-Industry
Co-ordination: By Regulatory Bodies

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13
Q

FCA discipline/enforcement tools?

A

PAIR RCD
Permission Variation for firms
Approval withdrawal for people
Injunction: Prevent benefit
Restitution: Forfeit profit to FCA
Redress: Losses to be made good
Criminal Prosecution
Disciplinary Action

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14
Q

FCA manages failure of firms; what is the risk stratification?

A

P1: Critical
P2: Significant
P3: Non-Significant

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15
Q

FCA Principles for Business?

A

ISMPCICITARG
In Selling My Powers, Conduct In Communication Interests Trusts And Regulators Greatly

Integrity
Skill/Care/Diligence
Management and Control: Responsible
Prudence: Financially
Conduct (Market): Proper standards
Interests of Customers: Treat Fairly
Communication with Clients: Not misleading
Interests (Conflict of) Mx Fairly
Trust for Customer: With suitable advice
Assets Protected (Clients)
Regulatory Relations
Good Outcome

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16
Q

Basis of 12th FCA principle?

A

VESPa
Value fair & Reflecting Benefits
Equip consumers to make effective decision
Service helpful: Easy to switch/cancel/complain
Purposed: For Consumers

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17
Q

Fair Rx Outcomes?

A

SAPFIE
Suitable Advice Gicen
After sales reasonable
Products meet needs
Fair Rx central
Informed throughout
Expected performance

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18
Q

Trainee advisors required to do?

A

Regulatory module of qualification within 48Mths & L4 qualification

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19
Q

Ongoing competence requirements?

A

At least 35 hrs CPD + at least 21 hrs structured

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20
Q

Corporate culture - consumer harm drivers?

A

Governance
Approach to rewarding/Mx people
Leadership
Purpose

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21
Q

Conduct Rules?
Senior manager rules?

A

CODIS CRDN
Customer fairness
Open with regulators
Diligence
Integrity
Standard of Market Conduct

Controlled effectively
Regulatory Compliant
Delegate Appropriately
Notify FCA/PRA appropriately

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22
Q

Fitness and propriety test?

A

ICS
Integrity
Competence
Soundness financially

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23
Q

Good outcomes dependent on?

A

CAR
Competence of Advisor
Ax Suitability
Research and Diligence

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24
Q

Suitability reports given when?
For Pension Plans with Cooling Off period?

A

When/ASAP after recommendation & before contract.
Within 14 days of contract.

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25
Q

Client Agreements for?
Give when?
keep for how long?

A

Designated Iv services: discretionary, futures, options (NOT PRIIPs, Pensions, Life Policies). Recognises extra reliance.

Before service/agreement

As long as client relationship.
Indefinitely - Pension Transfers, Opt-Outs, FSAVCs

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26
Q

Record keeping requirements?
- Pension Contracts
- Pension Transfers/Opt-Outs
- Life Policies
- MiFID Business (Meaning within EEA)
- Others

A

Five Years
Indefinitely
Five Years
Five Years
Three Years

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27
Q

Cancellation notice runs from?
Iv, Stocks/Shares/Deposit ISAs?
LISA cancellation period how long?

A

Later of contract conclusion/client receives T+Cs.
14 Days.
30d (Also PPI, LI, Annuities)

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28
Q

Economic Policy Objectives?

A

GUSE
Growth
Unemployment low
Stability of Prices
Equilibirum

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29
Q

Corporation tax how much?
When?

A

25%
9mths post accounting period <1.5m, Quarterly >1.5m

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30
Q

Assets from low risk to high risk?

A

Cash Buys People Safety
Cash Bonds Property Shares

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31
Q

Benefits reduced if?
None if?

A

> £6000
£16,000

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32
Q

Who has 1 responsibility for Market Information Misiconduct?

A

Serious Fraud Office

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33
Q

ID + Transactional Evidence keep for how long?

A

5 Years

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34
Q

Money Laundering offences?

A

CAP

Concealing
Arranging
Property - Criminal (Acquiring)

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35
Q

Features of money?

A

PADS
Portable, Acceptable to all, Divisible, Sufficient

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36
Q

B.S.A 1986 did what?

A

Allowed demutualisation to bank.

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37
Q

FSBRA 2013 did what?

A

‘Ring fenced’ customer deposits.

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38
Q

Building societies permitted to raise how much on wholesale market?

A

50%
H.M.T can increase to 75% w/o further legislation.

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39
Q

Reasons for Intermediation?

A

GRAM
Geography
Risk Transformation
Aggregation
Maturity Transformation

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40
Q

How many people can be informed with an LPA?

A

Up to 5

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41
Q

EPOA is also know as?
How many people need to be informed?

A

‘Ordinary beyond losing capacity’
At least three people.

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42
Q

Valid contract features?

A

FACTCIL
Free from duress
Agreement
Capacity to consent (18 or over)
Terms Certain & Complete
Consideration
Intention for Legal Relationship
Legality of Object

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43
Q

Consumer Insurance Act 2012 –> If deemed ‘careless’?

A

Compensatory remedy:
- Cancel (Not Life insurance)
- Adjust: increase Premiums/Reduce benefits
- Reject and Repay

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44
Q

Insolvency Act 1986: Creditor must be owed how much to declare someone bankrupt?
For self-bankruptcy?

A

£5000 (£3000 in Scotland).
£1500

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45
Q

Insolvency Act 1986: If interest is >£1000 what is included?
Trustee can ‘attack’ prior transactions in what period?

A

House; if have family have up to twelve months to move.
Preceding 2 years, else need to prove insolvent at time, or became so as a result t get 5 years.

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46
Q

Offences for those that are bankrupt?

A

PLOB
- Public office jobs not allowed
- Limited company not allowed
- Obtaining £500 or more not allowed.
- Business continuing with rename not allowed.

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47
Q

Enterprise Act 2012: How long is discharge period?

A

12 Months.

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48
Q

For IVA/CVA?
Keep records for?
Who carries out?

A

Must owe at least £7000, to at least two creditors. At least 75% of debt represented must agree.
6 Years.
Insolvency Practitioner

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49
Q

Debt Relief Order: requirements?

A

U2, 75, 90, 30, 2, 6
- Unable to pay: Assets <£2k, <£75/mth disposable income
- Pay £90
- £30k Max Debt
- No gifts within 2 yrs (Or DROs/Insolvency within 6yrs)
- If granted; 12 Mth Moratorium

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50
Q

Property: Up to how many owners?

A

Four, then others are equitable (Economic interest, no right to transfer)

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51
Q

From when is it compulsory to register land on remortgage/transfer?

A

1990

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52
Q

Joint tenancy vs TiC?
For TiC if survivor wants to sell?

A

Both own whole property, on death, passes between them. TIC: Each has defined share, on death survivor becomes ‘trust in land’.
- Cannot sell alone, have to appoint legal owner if there is not at least two surviving legal owners.

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53
Q

How does Quantitative Easing work?

A

BoE buys government and private bonds, causing price increases, decreasing the yield, decreasing interest rates, leading to: ‘NIC’
- New money for FIs to lend
- Inflation
- Conditions in capital markets improve

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54
Q

What is M0 Money?
M4 Money?
- M4 Lending?

A

M0 = Narrow Money = Cash base
M4 = Broad Money = Banks/B.S. deposits, Loan rates
- Influenced by IRs controlling new credits made

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55
Q

Difference between CPI and RPI?

A

RPI includes housing costs (Not House Prices)

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56
Q

Interest Rates: Nominal? Real?

A

Actual. Real = Inflation Adjusted.

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57
Q

How many witnesses required for wills?

A

2 (1 in Scotland).

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58
Q

Mirror/Joint will?
Mutual Will?

A

Leave everything to each other.
Survivor cannot change/revoke will –> Prevent remarriages benefitting.

59
Q

Can executor of will be a beneficiary?

A

Yes

60
Q

Grant of probate not needed for what type of estate?

A

Joint tenancy.
‘Small Estates’: Up to £5k, or as per FIs up to £25k.

61
Q

Disclaimer of Interest?
Deed of variation?

A

Reject a bequest/gift; usually for IHT within 2 yrs of death.
Collective agreement from beneficiaries.

62
Q

Intestacy undertaken how?

A

‘Administrator’ applies for Letter of Administration.

63
Q

If not married Intestacy rules?

A

Cash Poor Siblings Have Got A Hand
Children, Parents, Siblings, Half Siblings, Grandparents, Avunculi, Half Avunculi

64
Q

If married intestacy rules?

A

Spouse: Chattels/£270k/Half Estate
Children (Adopted Children): Half Estate

65
Q

Trustee Act 2000: Allows Iv if?

A

RAD
Reviews regularly, Advice taken, Diversifies

66
Q

Knight vs Knight certainties?

A

ISO
Intention
Subject
Object

67
Q

Bare trusts?
Tax rules?
If parents involved/set up?

A

‘PETs’ in, beneficiary gets. Usually for underage people.
Tax as per child’s marginal rate.
If income >£100/yr, taxed as per parents marginal rate.

68
Q

Interest in Possession? E.g.?
Tax rules?

A

Beneficiary with IIP = Life tenant.
Beneficiaries upon life tenant death/life event = Remainderman.
‘Life Interest Trust’: Surviving Spouse gets right to income, but capital goes to children.
Any transfer in (‘Relevant Property’) called ‘Chargeable Lifetime Transfer’; up to 20% IHT.

69
Q

Immediate Post-Death Interest (IPDI)? Tax rules? Used for?

A

Gift only on death.
Not ‘Relevant Property’.
Remarried couples; support surviving spouse until death, then capital to children.

70
Q

Basic state pension is?
Annual tax-relievable allowance?
Lifetime Allowance?
Pensions (Not state) can be taken from?

A

1/4 of National Earnings Potential.
Greater of £3600/yr or 100% relevant UK earnings.
£1,073,100
Benefits taken from Age 55.

71
Q

State pension taken from?

A

Age 66
67 in 2028
68 in 2039

72
Q

Tax rules on pension withdrawal?

A

25% as tax-free cash, then as per tax rates.

73
Q

To qualify for state pension?

A

Post 2016: Max 35yrs contributions, Min 10 yrs. ‘Flat rate, Single Tier’.
Pre 2016: Max 30, Min 1yrs. Employed could ‘top up’.

74
Q

Workplace pensions contributions?

A

‘4-3-1’
Employees 4%
Employers 3%
1% Tax Relief

75
Q

Who can get pensions?

A

Eligible Jobholders: Auto-Enrolled, 22-Pension Age + Earning more than threshold

Non-Eligible: 16-74 earning between Min-Max, 16-21/Pension Age - 74 earning more than threshold.

Entitled: 16-74 earning less than qualifier for Non-Eligible, Employer not obliged to contribute.

76
Q

Hierarchy of financial needs?

A

LPIPSI
Living, Protection, Income, Pension, Savings, Iv

77
Q

Critical illness?

A

Tax free sum for illness. Can continue working. Ceases on claim.

78
Q

Income protection?
Can it be cancelled by insurer?

A

If unable to work; 50-60% income until recovery/term ends/death. Cannot be cancelled by insurer.

79
Q

ASU?

A

Annually renewable contract; 60-65% of Income, benefits cease after 1-2yrs. Cancellable by insurer.

80
Q

VCTs tax rules?

A

30% relief on Iv up to £200k, clawed back if sold within 5yrs. No CGT. Tax-free dividends.

81
Q

Enterprise Investment Schemes are?

A

Direct Iv to small companies: 30% relief up to £1m, clawed bak if sold within 3yrs. No CGT if held for 3yrs.

82
Q

Certification Regime for?
Required how often?

A

Not SMF but ‘Significant Harm Function’.
Within 12mths and annually thereafter.

83
Q

CASS: Client Asset rules?
For inactive money?
Exempt if how small?

A

Use immediately/by close of following day.
Contact client x3, then can ‘Pay Away’ Inactive Money (6yrs), Assets (12yrs).
<£25 Retail, <£100 Other

84
Q

Aristotelianism is?

A

Moral character over action outcome.

85
Q

Conduct ethics includes?

A

Consequential: Correct Action –> Correct Outcome: ‘Relativism’.
Deontological: Adherence to rules, ‘means more than ends’: ‘Absolutism’.

86
Q

Consequential ethics can include?

A

Egoism: Right if benefits individual.
Utilitarianism: Right if benefits most.

87
Q

Meta-Ethics means?

A

Whether right/wrong anything more than personal opinion.

88
Q

Applied ethics?

A

Ethics applied to real life situations.

89
Q

Drivers for ethical business?

A

‘RICS’
Regulation
Information Transparency
Consumers demand higher expectations
Stakeholders/shareholders: want high standards to attract consumers.

90
Q

Authorisation Threshold Conditions?

A

CRB LOSS
- Capital/Liquidity Adequate
- Resources Adequate
- Business Model

  • Legal Status ok
  • Offices somewhere
  • Suitable Firm/Staff
  • Supervision Effective
91
Q

What are Regulated Investments?

A
  • Investments: Shares, GILTs
  • Contractually Based Investments: Life Policies, Personal pensions, Options/Futures
92
Q

Complaints within?

A

Within later of 6yrs of event, 3yrs of awareness.

93
Q

Complaint Resolution within?

A

Unless resolved within 3 days, provide written acknowledgement ‘Promptly’.
Within 8/52, or, letter explaining and right to ombudsman.

94
Q

Report on complaints how often?

A

6mths.

95
Q

Firms under FMSA fund FOS how?
Binding on?
Max compensation?

A

Pay general levy and case fees for 26th and beyond.
Firm only.
£355k (Pre 2019: £160k).

96
Q

FSCS protects what amounts?

A

£85k.
‘Temporary High Balances’ up to £1m: Primary Residence, Inheritance, Redundancy, Injury Claim, Divorce, Criminal Injury.

97
Q

Pension Regulator Objectives?

A

ABCD
- Administration of WBPs
- Benefit Protection of WBPs
- Compliance of Employers with duties
- Decrease Claims

98
Q

Pension Scheme complaints by?
Response by?

A

‘Prescribed persons’: Members, Relatives, Ceased <6mths.
Formal response within 4 mths. Notified within 15/7 of decision.

99
Q

Data Protection Principles:

A

FP MASCA
- Fair/Transparent
- Purpose Limited
- Minimised
- Accurate
- Storage Limitation
- Confidential/Integrity
- Accountability

100
Q

Data Protection: Individuals’ Rights?

A

ARI POSER
- Automated Decision Making
- Rectifiable
- Informed of Purpose
- Portability
- Object to Processing for Marketing
- Subject Access: Free unless unfounded/excessive
- Erasure
- Restrict/Prevent Processing

101
Q

Vulnerable clients 2 to?

A

CRIL
- Capability
- Resilience
- Illness/Health
- Life Events

102
Q

To protect vulnerable clients?

A

DIPFA TOS
- Design: Vulnerability Considered
- Information: On website re Vulnerability
- Processes + Systems: Support service/flexibility
- Frontline Skills/Recognition
- Awareness of Vulnerability + Record: For future
- Teams In-House: Vulnerability
- Options Straightforward: For delegated to act
- Senior Manager Led

103
Q

Advice as per Regulated Activities Order 2001?

A

GBSR
- Guidance: Generic
- Basic: Pre-Scripted Qs
- Streamlined: Focussed - Specific need, Simplified - Firm Limited Specific Need
- Regulated ‘SIR’: ‘Personal Recommendation’ - Suitable, Iv, Recommendation

104
Q

General/Protection fee requirements?
Others?

A

NOT subject to fee requirements, so can be paid commission by employer.

Must disclose structure and final charge.
Must reflect service and not vary.

105
Q

Adviser charges: Can they be paid by providers?

A

Can be paid from product charges by providers.
Cannot seek/ask commission for personal recommendations.

106
Q

Under anti-money-laundering legislation, records of identification obtained from individuals must be held for a minimum of:

A

Records must be kept for five years after the customer relationship has ended

107
Q

Difference between Key Features Document, KID, Suitability Report?

A

Suitability Report for LIPO: What and Why. Provided before transaction concluded (ASAP after if distant comms)

PRIIPs —> KID: Basics & SpR. 3 pages.

Non-PRIIPs —> Key Features Document & Illustration with potential returns & charges

108
Q

Suitability reports required for?

A

‘LIPO’
Life Insurance/Annuities
Iv/Unit Trusts and OEICs
Personal Pensions: Within 14d if cooling off period
Opt-Outs/Transfers - Pensions

109
Q

Suitability Reports sent when?
If distant communications?

A

ASAP on recommending, before concluding contract.
ASAP after transaction.

110
Q

Product disclosure must be given when?

A

Before sale concluded

111
Q

Product Disclosure: PRIIPs?
In what form?
Including?

A

Packaged Retail Insurance Iv Products: direct or indirectly involved with capital markets/performance linked.

KID <3 Pages. ‘SpR’
Risk Indicator, x3 Performance Scenarios, Stress Scenario

112
Q

Product Disclosure: Non-PRIIPS e.g. Pension Products, Deposits, ISA, GILTs, Purchase Annuities, Non-Life/General Insurance?

A

Risks must be ‘Adequately Disclosed’.

113
Q

Key Features Document (Non-PRIIP) or KIDs must include?

A

‘C CREVAT’
Charges
Consequences
Risk Factors
Elements
Variance of income/capital
Additional Info - Where to Find?
Taxation Implications

114
Q

FCA Obligations?

A

‘BATH RUCS’
- Best Interests
- Assets cared for responsibly
- Trust not abused
- Honest & Open
- Right wrongs
- Understanding of customers when buying products
- Costs and Charges
- Sympathetic when problems occur

115
Q

What is the maximum claim amount for long term care insurance that a married couple could successfully make, under the FSCS?

A

Long term care insurance claims are protected up to 100% of their value, without upper limit.

116
Q

What is normally the effect of an economic boom in the UK? The rate of inflation tends to:

A

Inflation will normally rise and the current account will move into deficit as consumers purchase more imports.

117
Q

For what minimum period must an authorised firm keep records of complaint made about an income protection insurance policy?

A

For life, income protection and critical illness policies, complaints records must be kept for minimum of three years.

118
Q

Does term assurance require a surrender value?

A

No.

119
Q

Independent Advice must be?

A

Fair, Unrestricted, Comprehensive, Unbiased

120
Q

What is a AVCs?
FSAVC?

A
  • Additional Voluntary Contributions to enhance pensions. Can be for DC, or, DB.
  • Set up independent of employer.
121
Q

Restitution is?

A

to forfeit any profit made in contravention of the regulations.

122
Q

Which types of pension scheme are regulated by the Pensions Regulator?
Which types are regulated by FCA?

A

Occupational schemes and group personal or stakeholder schemes only.
- Individual Pensions

123
Q

When can IFAs recommend product outside of panel?

A

When in clients best interests.

124
Q

Principles for business where in handbook?

A

High Level Standards

125
Q

SMCR where in handbook?

A

High Level Standards

126
Q

Market Conduct where in handbook?

A

MAR in Business Standards

127
Q

Threshold Conditions for Authorisation where in Handbook?

A

High Level Standards

128
Q

Client Assets where in handbook?

A

CASS in Business Standards

129
Q

Statements of Principle where in handbook?

A

High Level Standards

130
Q

ESG where in handbook?

A

Business Standards

131
Q

The FCA’s regulatory regime is primarily based on:

A

the Principles for Businesses.

132
Q

Which tax has had its rates, allowances and exemptions frozen until the year 2026?

A

IHT

133
Q

When does the adviser’s duty of care to explain fully the nature of the product or investment and the risks involved not apply?

A

Execution-Only Business

134
Q

Who issues GILTs?

A

The Debt Management Office

135
Q

When a client cancels a unit trust Iv within cancellation period what price will they receive?

A

Prevailing Offer Price.

136
Q

Which type of ethical theory is the main focus of business ethics?

A

Applied Ethics.

137
Q

Which party is responsible for verifying that a financial adviser working for a large firm has completed the required number of CPD hours each year?

A

Accredited bodies are responsible for this and it forms part of their process for issuing statements of professional standing

138
Q

Requirements for advisers?

A

A level 4 qualification from the Regulated Qualifications Framework is required and a SPS has to be obtained annually.

139
Q

In providing restricted advice, it is required under FCA rules to:

A

provide advice based on the products from one company or a limited number of companies only.

140
Q

The cancellation period for a life assurance investment bond, as part of a discounted gift trust arrangement, is?

A

30 Days

141
Q

FCA Disciplinary Action (pair rcD)?

A

Private Warning
Statement of Misconduct
Financial Penalty

142
Q

How long do complainants have to complain to FOS?

A

6 months from receipt of firms final response (or if not heard anything for >8/52)

143
Q
A

FSRE (1 decks)

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