Other Flashcards
The Pension Protection Fund (PPF) provides how much compensation?
100% of the fund if the client has reached normal pension age
90% of the fund if the client is below normal pension age
What is ‘Basic Advice’?
A short, simple form of financial advice which uses pre-scripted questions to determine whether a stakeholder product within a firm’s range will be suitable for a retail customer
What is Streamlined Advice?
When a company provides a personal recommendation that is limited to one or more of a client’s specific needs. The service does not involve analysis of the client’s circumstances that are not directly relevant to those needs.
The Financial Guidance and Claims Act 2018 introduced which service?
The Money and Pensions Service (MaPS), and in 2021 MaPS launched MoneyHelper
Retirement Risk Warnings are contained where?
Cobs 19.7
Who is the regulator of workplace pension schemes in the UK?
The Pensions Regulator
What is the Service Profit Chain?
Highlights that satisfied staff produce good results and client outcomes which in turn drives long term growth for the business
What are Tuckman’s 5 stages of team development?
Forming. (Team is assembled and task is agreed)
Storming (brain storm ideas of how the task should be completed)
Norming (team is harmonised with their goals and strategies)
Performing (team members working well together, mature)
Adjourning (complete the task and move on)
What is the difference between Functional Roles and Team Roles?
Functional roles are roles carried out because of their job role, whereas Team roles reflect the innate abilities or preferences of that team member
SMART goals stand for..
S specific
M measurable
A achievable
R relevant
T time bound
What are Covey’s 7 habits of effective people?
Be proactive
Start with the end in mind
Put first things first
Think win/win
Seek first to understand then to be understood
Synergise
Sharpen the saw (brings together the other 6 habits)
Which body is responsible for the regulation of insurance companies in relation to the amount of capital they hold ?
The PRA
The FCA’s TCF policy falls within its..
Principles for business
Which variable will be considered when a firm is using psychographic segmentation?
Independence or personality
What is a key benefit of a contact centre using automated outbound dialling?
It makes use of staff time more efficient
Bank A sells insurance products from Insurer B to Bank A’s customers. This is known as:
Indirect distribution
What is the first stage of the meeting customer needs cycle?
Identifying customer needs
Why is an organisation most likely to use technological advances such as online chat, email and online self-servicing when communicating with its customers?
To fit their service around customers busy lives
Under the Pensions Regulator requirements, when will an initial wake-up pack be sent out to a pension policyholder?
6 months before the customers intended retirement date
When documenting the customer journey involved when making a top-up to an existing investment, what should customer operations do?
Document only the touch points within the process
If Rachel audits pension transfer cases and this is known as a ‘second line of defence’, who does she work for?
Compliance
How can a financial promotion for a new pension drawdown product ensure it is clear, fair and not misleading?
Avoid assuming any level of knowledge of experience from the customers
The most likely reason for asking call centre advisers to use a script is to ensure:
Specific regulatory disclosures are read to every customer
Who should unresolved complaints about pension scheme trustees be referred to?
The Pension Ombudsman
