Kaplan Incorrect Answers Flashcards
Where a firm carries out ‘eligible counterparty business’, the conduct of business sourcebook rules are……..
Wholly disapplied
The conduct of business sourcebook states that the prescribed disclosure information to retail clients in respect of personal pensions must be provided?
In what time frame?
In good time
What is a firm prevented from doing under the client order handling rule?
Timings?
Dealing with a later customers order ahead of a current customer.
What information must be provided for professional clients when firms hold money for them?
Details to any money subject leins or right of set-off
For the purpose of the disclosure rules, a life policy is classed as a?
Vhoaaaa look at my……..
Packaged product
Which one of the following can be disapplied when operating a discretionary management service?
PAD
Personal account dealing
Cancellation records for pensions transfers must be retained for what period of time?
Indefinitely
Where a client purchases an investment product from a firm which fails to maintain a UK base, under what circumstances (if any) will the activity be subject to the conduct of business rules?
No circumstances
Where the tax treatment in relation to a specific product is mentioned in a financial promotion aimed at RETAIL clients, the wording must also state what?
What about the tax position?
The tax position may also be subject to change
Do telephone call apply to corporate finance businesses?
No
If Firm A is acting as agent on behalf of Firm B, who is ultimatley the client?
Firm A
A client categorised as an eligible counterparty would need to be reclassified as a per se pro clent, if what activities are undertaken by them?
Providing investment advice or investment management
What the specific rules relating to “basic advice”?
Personal recommendations on stakeholder products; firms may, if they chose, apply those rules instead of the more general rules on suitability when advising on stakeholder products.
Where a £500 cheque received from a client comprises £450 client money and £50 intended to pay the firms fees, under the regulations this remittance is formally classed as?
Client money
Where money is transferred under “title transfer collateral arrangements”, an exemption is automatically granted in connection with which set of regulations?
Client money
