Kahoot Quiz Flashcards
Backs act as intermediaries between which two groups
Deposits and borrowers
According to the Bank of England, firms cannot call themselves a bank until it is..
Authorised
(Once its given a license, have to fill in various forms)
So authorised first and then regulated
Philanthropy services would be best suited to which type of customers?
Philanthropy - give/donate money away
good causes as have good money
= private banking (high net worth customers)
Banks that offer Islamic banking products must develop products that do not offer what element?
The charging or payment of interest
Which of the following is not a category that a challenger bank can be grouped into?
= banks that’s specifically target large corporations as its customers
(Digital only presence, banked with a High Street presence)
Zopa is an example of a ‘fintech’ that has:
Been given a license to operate as a bank
What is the name of the organisation that was founded in 1997 as a major payment provider (case study in unit 1)
Worldpay
There are many duties that bankers must adhere to. Which of these is a core duty?
Confidentiality
Which one of these is not an element of transformation function?
Liquidity
What type of risk would a ‘run on the bank’ create
= A liquidity risk
Run on the bank = banks starts to run out of money
Which one of the following is not one of the 6 UN principles for responsible banking?
Adopting sustainable development goals
Regulators and government are not stakeholders of a bank?
False
The four ways in which an organisation can define its purpose are mission statements, vision statements, objectives and…
= Value statement
Ideas
Sustainability means meeting people’s… in the present without comprising the ability of the future.. to meet their needs
Needs and generations
Sustainability is comprised of which three pillars?
Economic, social and environmental
Banks must behvae both sustainably and..
Responsibly
What is the name of the ethical bank used as a case study in unit 2?
Tridos bank
The Paris Climate Agreement was established in what year?
= 2015
UNEP FI has published a… step process to guide signatory banks through implementing their commitment:
Three step process
Mortgages are covered under the Consumer Act 2006
= False
Consumer Act (is for borrowing up to £30,000 for loans, credit cards and overdrafts)
What is a disadvantage of being a sole trader
= sole personal liability
If you run up debts, it’s all on you to pay
Which one of these would NOT be classified as a vulnerable customer?
= a person aged 55 with no other known vulnerability factors
What are the types of Islamic mortgages known as
= ijara, musharaka, murababa
Lease
It is compulsory to have car insurance before driving on the public road?
True
What type of insurance products would a customer typically have to go alongside a mortgage?
= life insurance and buildings and content insurance
Mid-selling is defined as ‘a failure to deliver…outcomes for consumers’
= fair
When giving a customer information about the product and services you offer, you can charge them a free
False
According to the CBI, which countries are leading the way with regards to cashless payments?
= Norway, Sweden, Finland, Hong Kong & UK
WeChat Pay and Alipay are two of the most comment payment platforms in China?
True
Which method of distribution channel is based on a system of engagement with the customer?
= Omnichannel
Interacting with the customers and very much about the customer engaging
What is the first stage in the customer journey in banking?
= Awareness
What is the terminology used when customers switch their accounts from time to time?
= Churn
(Because they don’t understand the product and don’t get value from it)
The main reason why customers ‘ churn’ through financial products is because they are too expensive
False
In the case of a financial product, what are the key factors determining the customer experience?
= customer perception, ease of access and operation, choice of delivery channels
In Unit 4, there is a case study about the UK and which other country regarding the use of digital technologies?
= South Korea
According to the Banking industry customer satisfaction survey 2022, what % of customers wanted to use bank branches?
=15%
According the Unit 4 CBI portal, which country saw the biggest increase in cybercrime?
= Nerthanlands
Phising is the most common form of crime committed
• online
Experian (the uks leading credit defence agency) has a website to keep track all of the latest type of scams
= True
Which two banks are highlighted in the Unit 4 CBI portal regarding information they give to their customers about scams?
= Lloyds bank and Standard bank South Africa
Which regulator is for setting interest rates?
= Bank of England
NPC
Regulation and …. are closely interlinked, One cannot exist without the other.
= Supervision
We regulate the banks and then supervise
The Bank of England controls… through monetary policy
= Inflation
Which regulator is responsible for macro prudential regulation?
= the banks of England financial policy committed (FPC)
MACRO = the safety and soundness of the systems (big)
How many primary objectives does the PRA have?
= two
Protect the safety and soundness of the system and to proceed protection for insurance policy holders
The role of the FCA is to ensure the Uk financial markets are honest, competitive and fair
= True
What is the financial action task force (FATG) responsible for?
= it is a global money laundering and terroist financing watchdog
What is the name of the Financial Ombudsman Service in South Africa?
= FAIS OMBUD
In the UK, we have the FSCS to protect consumer deposits. What is the equivalent scheme in the European commission?
= Deposit Guarantee Scheme (DGS)
The competition and markets authority (CMA) shares objectives with which UK regulator?
= FCA
Overall objective is to ensure relevant markets financial well and promote competition
There are 17 sustainable development goals
= True
What type of ethics considers duty to be an important component when making decisions?
= deontology
Deon means duty in latin
Which regulators sets out the six consumer outcomes as part of its fair treatment of customers initiative?
= FCA
The consumer duty has three main component parts
= True
The standards of lending practice are
= Voluntary
No rules of law
Members of a professional Body are required to commit to its professional code. Potential non-advance outcomes are
Could face disciplinary action and prevented from working in the sector again
Principle 7 CBI code of conduct is ‘treating information with appropriate confidentiality and sensitivity’
= true
What are the 3 V’s of big data that help describe what it is?
= volume, variety and velocity
Which of Kidders 4 ethical dilemmas would be most appropriate to a potential whistleblower?
= truth vs loyalty
An employee is protected as a whistleblower if they report a miscarriage of justice
= true
