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R01 2023 > The FCA handbook Part 2 > Flashcards

The FCA handbook Part 2 Flashcards

1
Q

Who does ‘block 1: high level of standards’ of the FCA hand book relate to?

A

All firms, senior managers and approved persons

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2
Q

What are the minimum conditions which firms must satisfy at all time to retain Part 4A Permission?

A

Location of offices
Effective supervision
Appropriate resources
Suitability
Business model

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3
Q

What is PRIN?

A

FCA Principles for Businesses which are fundamental obligations for all authorised firms

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4
Q

What does SYSC stand for?

A

Senior Management arrangements, Systems and Controls

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5
Q

How May remuneration policies under remuneration code within SYSC?

A

12

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6
Q

What does FINMAR do?

A

Financial Stability and Market Confidence provides guidance in relation to short selling in promoting FCA’s statutory objectives of protecting consumers and enhancing financial integrity

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7
Q

What block is T&C in?

A

Training and compliance is in the High Level Standards Block

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8
Q

How is the FCA funded?

A

By fees levied from financial services industry - joining fees, annual periodic fees and special project fees

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9
Q

What is Block 2 of the FCA handbook?

A

Prudential Standards

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10
Q

What is Block 3 of the FCA handbook?

A

Business standards - requirements of firms business operation / day to day business conduct relevant to most firms

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11
Q

What does COBS stand for?

A

Code of Business Sourcebook

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12
Q

What is within the Conduct of Business Sourcebook?

A

Provider Inducements
Indirect benefits
Charges and disclosures product literature

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13
Q

What are the three categories of lCOBS?

A

General insurance
Pure protection
Payment protection insurance

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14
Q

What does MCOB stand for?

A

Mortgage Conduct of Business

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15
Q

When is a mortgage contract not regulated?

A

When the borrower is a company - company buy to let

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16
Q

What is the difference between information and advice?

A

Information - is accurate and neutral al with no comment or opinion of its merits compared to other products
Advice - involves giving an opinion and suitability of a particular product to a particular customer

17
Q

What is equity release?

A

A home reversion or lifetime mortgage where someone sells part or all of their home to release equity but still get to live there

18
Q

What is sale and rent back?

A

House is sold and the seller is allowed to live in the house, usually for a maximum of 5 years

19
Q

When are firms required to complete a CMAR?

A

Firms are required to complete a Client Money and Assess Return when they hold over £1m plus or assets £10m (they must complete these monthly)

20
Q

What does MCOB stand for?

A

Mortgage Conduct of Business Rules

21
Q

What mortgage contract is not regulated?

A

A buy to let mortgage from a company

22
Q

What is the difference between information and advice?

A

Information - accurate and neutral and no comment or opinion of its meters compared to other products
Advice - involves giving an opinion and suitability of a particular product to a particular consumer

23
Q

What is equity release?

A

Home reversion or lifetime mortgage which realises equity from the home into a lump sum cash amount - they are allowed to remain in the house until they die or move into full time care

24
Q

What is sale and rent back?

A

Quick sale of a house they can remain in the house and pay rent but this would be for a term and usually a maximum of 5 years

25
Q

What firms are required to complete a CMAR?

A

Firms with client money of £1m plus or assets of £10m plus must complete a monthly Client Money and Asset Return

26
Q

What is block for of the FCA handbook?

A

Regulatory Process

27
Q

What is Block 5 of the FCA hand book?

A

Redress, complaints and compensation

28
Q

Regulators busy deal with complaints within _____ weeks or arrange timetable if longer

A

4

R01 2023 (12 decks)

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