Learning outcome 10

Question 1

83. The Financial Conduct Authority’s Code of Conduct (COCON), expects senior managers to
    A. complete bi-annual testing on money laundering rules and complaints handling.
    B. act with integrity at all times.
    C. take additional qualifications at least once every two years to maintain professional knowledge.
    D. always consider compliant outcomes rather than ethical outcomes.

Answer 1

B

Question 2

84. Nigel is a senior manager with a large bank’s financial advice team and is advising Robert on retirement and investment planning. Robert has disclosed to Nigel that his net profit last year was
    £7,500, but, as a self-employed landscape gardener, he regularly accepts cash payments for work completed and does not declare this additional income to H M Revenue & Customs (HMRC). Considering solely the ethical requirements of the Financial Conduct Authority’s Statements of Principle and Code of Practice for Approved Persons (APER), what action should Nigel take if any with regard to Robert’s additional income?
    A. He needs to not take any action as Robert is contributing less than £7,500 per annum to his pension.
    B. Report his concerns to the bank’s Money Laundering Reporting Officer.
    C. Report his additional income to the pension provider immediately.
    D. Report this matter to HMRC.

Answer 2

B