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Kahoot Quiz > Kahoot Quiz > Flashcards

Kahoot Quiz Flashcards

1
Q

Backs act as intermediaries between which two groups

A

Deposits and borrowers

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2
Q

According to the Bank of England, firms cannot call themselves a bank until it is..

A

Authorised

(Once its given a license, have to fill in various forms)

So authorised first and then regulated

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3
Q

Philanthropy services would be best suited to which type of customers?

A

Philanthropy - give/donate money away
good causes as have good money

= private banking (high net worth customers)

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4
Q

Banks that offer Islamic banking products must develop products that do not offer what element?

A

The charging or payment of interest

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5
Q

Which of the following is not a category that a challenger bank can be grouped into?

A

= banks that’s specifically target large corporations as its customers

(Digital only presence, banked with a High Street presence)

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6
Q

Zopa is an example of a ‘fintech’ that has:

A

Been given a license to operate as a bank

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7
Q

What is the name of the organisation that was founded in 1997 as a major payment provider (case study in unit 1)

A

Worldpay

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8
Q

There are many duties that bankers must adhere to. Which of these is a core duty?

A

Confidentiality

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9
Q

Which one of these is not an element of transformation function?

A

Liquidity

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10
Q

What type of risk would a ‘run on the bank’ create

A

= A liquidity risk

Run on the bank = banks starts to run out of money

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11
Q

Which one of the following is not one of the 6 UN principles for responsible banking?

A

Adopting sustainable development goals

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12
Q

Regulators and government are not stakeholders of a bank?

A

False

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13
Q

The four ways in which an organisation can define its purpose are mission statements, vision statements, objectives and…

A

= Value statement

Ideas

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14
Q

Sustainability means meeting people’s… in the present without comprising the ability of the future.. to meet their needs

A

Needs and generations

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15
Q

Sustainability is comprised of which three pillars?

A

Economic, social and environmental

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16
Q

Banks must behvae both sustainably and..

A

Responsibly

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17
Q

What is the name of the ethical bank used as a case study in unit 2?

A

Tridos bank

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18
Q

The Paris Climate Agreement was established in what year?

A

= 2015

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19
Q

UNEP FI has published a… step process to guide signatory banks through implementing their commitment:

A

Three step process

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20
Q

Mortgages are covered under the Consumer Act 2006

A

= False

Consumer Act (is for borrowing up to £30,000 for loans, credit cards and overdrafts)

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21
Q

What is a disadvantage of being a sole trader

A

= sole personal liability

If you run up debts, it’s all on you to pay

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22
Q

Which one of these would NOT be classified as a vulnerable customer?

A

= a person aged 55 with no other known vulnerability factors

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23
Q

What are the types of Islamic mortgages known as

A

= ijara, musharaka, murababa
Lease

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24
Q

It is compulsory to have car insurance before driving on the public road?

A

True

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25
Q

What type of insurance products would a customer typically have to go alongside a mortgage?

A

= life insurance and buildings and content insurance

26
Q

Mid-selling is defined as ‘a failure to deliver…outcomes for consumers’

A

= fair

27
Q

When giving a customer information about the product and services you offer, you can charge them a free

A

False

28
Q

According to the CBI, which countries are leading the way with regards to cashless payments?

A

= Norway, Sweden, Finland, Hong Kong & UK

29
Q

WeChat Pay and Alipay are two of the most comment payment platforms in China?

A

True

30
Q

Which method of distribution channel is based on a system of engagement with the customer?

A

= Omnichannel

Interacting with the customers and very much about the customer engaging

31
Q

What is the first stage in the customer journey in banking?

A

= Awareness

32
Q

What is the terminology used when customers switch their accounts from time to time?

A

= Churn

(Because they don’t understand the product and don’t get value from it)

33
Q

The main reason why customers ‘ churn’ through financial products is because they are too expensive

A

False

34
Q

In the case of a financial product, what are the key factors determining the customer experience?

A

= customer perception, ease of access and operation, choice of delivery channels

35
Q

In Unit 4, there is a case study about the UK and which other country regarding the use of digital technologies?

A

= South Korea

36
Q

According to the Banking industry customer satisfaction survey 2022, what % of customers wanted to use bank branches?

A

=15%

37
Q

According the Unit 4 CBI portal, which country saw the biggest increase in cybercrime?

A

= Nerthanlands

38
Q

Phising is the most common form of crime committed

A

• online

39
Q

Experian (the uks leading credit defence agency) has a website to keep track all of the latest type of scams

A

= True

40
Q

Which two banks are highlighted in the Unit 4 CBI portal regarding information they give to their customers about scams?

A

= Lloyds bank and Standard bank South Africa

41
Q

Which regulator is for setting interest rates?

A

= Bank of England

NPC

42
Q

Regulation and …. are closely interlinked, One cannot exist without the other.

A

= Supervision

We regulate the banks and then supervise

43
Q

The Bank of England controls… through monetary policy

A

= Inflation

44
Q

Which regulator is responsible for macro prudential regulation?

A

= the banks of England financial policy committed (FPC)

MACRO = the safety and soundness of the systems (big)

45
Q

How many primary objectives does the PRA have?

A

= two

Protect the safety and soundness of the system and to proceed protection for insurance policy holders

46
Q

The role of the FCA is to ensure the Uk financial markets are honest, competitive and fair

A

= True

47
Q

What is the financial action task force (FATG) responsible for?

A

= it is a global money laundering and terroist financing watchdog

48
Q

What is the name of the Financial Ombudsman Service in South Africa?

A

= FAIS OMBUD

49
Q

In the UK, we have the FSCS to protect consumer deposits. What is the equivalent scheme in the European commission?

A

= Deposit Guarantee Scheme (DGS)

50
Q

The competition and markets authority (CMA) shares objectives with which UK regulator?

A

= FCA

Overall objective is to ensure relevant markets financial well and promote competition

51
Q

There are 17 sustainable development goals

A

= True

52
Q

What type of ethics considers duty to be an important component when making decisions?

A

= deontology

Deon means duty in latin

53
Q

Which regulators sets out the six consumer outcomes as part of its fair treatment of customers initiative?

A

= FCA

54
Q

The consumer duty has three main component parts

A

= True

55
Q

The standards of lending practice are

A

= Voluntary

No rules of law

56
Q

Members of a professional Body are required to commit to its professional code. Potential non-advance outcomes are

A

Could face disciplinary action and prevented from working in the sector again

57
Q

Principle 7 CBI code of conduct is ‘treating information with appropriate confidentiality and sensitivity’

A

= true

58
Q

What are the 3 V’s of big data that help describe what it is?

A

= volume, variety and velocity

59
Q

Which of Kidders 4 ethical dilemmas would be most appropriate to a potential whistleblower?

A

= truth vs loyalty

60
Q

An employee is protected as a whistleblower if they report a miscarriage of justice

A

= true

Kahoot Quiz (1 decks)

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