Topic 9 - Sources of Information and Advice

Question 1

Ways in which people can obtain information direct from providers:

Answer 1

1. Marketing brochures and leaflets
2. Websites
3. TV/radio advertisements
4. Provider staff

Question 2

If a customer buys a product, what must they then be given?

Answer 2

A Key Features Document

Question 3

What does ‘Money Box’ do?

Answer 3

Gives information on financial products and warns of scams.

Question 4

What does a money or financial health check look at?

Answer 4

A person’s overall financial position in relation to their circumstances

Question 5

Do financial needs change over time?

Answer 5

Yes

Question 6

Aims of the FCA:

Answer 6

Protect consumers
Ensure financial services industry remains stable
Promote healthy competition

Question 7

What is the mission of the Office of Fair Trading?

Answer 7

To make markets work well for consumers

Question 8

What does Citizens Advice do?

Answer 8

Helps people to resolve their legal, money and other problems by providing free advice on their rights and responsibilities

Question 9

What is National Debtline?

Answer 9

A national telephone helpline for people with debt problems in England, Wales and Scotland

Question 10

Financial advisers can be classified under what two headings?

Answer 10

Independent

Restricted

Question 11

What are Independent financial advisers?

Answer 11

Advisers that provide independent advice in that they are able to consider all types of retail investment product that might meet a client’s needs and objectives

Question 12

What are restricted advisers?

Answer 12

Advisers than can only recommend certain types of product from one or a limited number of providers

Question 13

What does the Retail Distribution Review prevent?

Answer 13

Financial advisers and sales staff from being paid commissions by the firms whose products they are selling.