The Regulatory Advice Framework Flashcards
Which three providers of government guidance have been brought under the single financial guidance body the Money and Pension Service (MaPS)?
The pension advisory service, the money advice service and pension wise
Unsolicited real-time financial promotions are often termed as:
Cold calling
What was the main reason for stakeholder pensions to be introduced?
To improve access to financial services for those on low incomes or self employed
The rule that all communications concerning financial promotion of regulated business must be fair, clear and not misleading does not apply to:
A personal quotation or illustration
What are the two types of advisors?
Independent or restricted
What is an independent advisor?
A firm must assess a sufficient range of relevant products that are sufficiently diverse in type and issuer to ensure clients’ investment objectives are suitably met
What is a restricted advisor?
Any advice which does not meet the independent standard
What types of intermediaries are there?
Single tied agents
Whole of market
Independent advisors
Multi tied
What stakeholder product range is there?
Short term.
Medium term investment product
Long term pension product
Is a full fact find required for a stakeholder product?
No need to know your customer so no full ff is needed
If a client receives a copy of the company’s principles and practices of financial management with his annual statement. What product do they have?
A policy with an element of with profits.
What is MoneyHelper?
The consumer-facing brand of the Money and Pension service
Remuneration for financial advice is in the form of a fee and is structured as a customer agreed remuneration. This is commonly known as:
Advisor charging
Under principle 10 of the FCA principles for business, what is a firms responsibility for clients assets?
To arrange adequate protection when it is responsible for them
