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DIPFA > Tricky Qu > Flashcards

Tricky Qu Flashcards

0
Q

What is a likely affect, if any from a fall in sterling compared to others?

A

Inflation

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1
Q

Deflation occurs when the purchasing power of money….

A

Rises and the gen price level of goods falls

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2
Q

Uni wol policy, least likely benefit

A

Long term care

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3
Q

Typical inc in premium for convertable term ass

A

10-15%

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4
Q

Max from state for funeral

A

1k

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5
Q

Net div of 90, what would highe rate tax payer pay?

A

£22.50

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6
Q

Fsa can ask courts for ind to forfiet any profits made in contravention of regs, this is?

A

Restitution

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7
Q

Which fsa handbook contains principles for bus?

A

High level stds

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8
Q

Min period advisor must keep record of ipi sales?

A

3 yrs

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9
Q

If client fail to disc all material fact for life ass pol, contract is….

A

Voidable

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10
Q

Index used to revalue index linked gilts

A

RPI

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11
Q

NS&I product pay int gross but is taxible

A

Income bond

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12
Q

What type of schemes does pensions reg cover?

A

Occ scheme and group personal or stakeholder schemes only

Ie not individual personal

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13
Q

Regs cca?

A

OFT

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14
Q

Fsa bus stds for inv firms is contained in….

A

Market conduct sourcebook

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15
Q

Past perf figs in a promo must be min of…

A

5 yrs

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16
Q

For life policy, when should suitability report be given to cons?

A

B4 canc notice is sent and before plan in force

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17
Q

Reg prem pension product, what is deadline for giving suitability report?

A

B4 stat canc notice sent

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18
Q

Lasting prop and affair poa which has been reg, what happens if doner bko?

A

Revoked and matter deferred for court of protection

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19
Q

What will always revoke or invalidate a will?

A

Mental incap of testator at time will affected

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20
Q

Type of tax adv lost is settlor is also bene of a trust

A

IHT

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21
Q

Max exit chrg on 18-25 trust?

A

4.2%

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22
Q

Gearing risk is what type of risk?

A

Pure risk

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23
Q

Using collective inv is an attempt to address what type of risk?

A

Non systematic

24
Q

Wat risk do you avoid by trading in only large cos

A

Liquidity risk

25
Q

Captive ins co is form of?

A

Risk retention

26
Q

Canc period for gen ins

A

14 days from consumer receiving the notice

27
Q

For non life product, when is the latest suitability report can be given?

A

With canc notice

28
Q

When must key feature doc for personal pension be given?

A

Before app form signed

29
Q

Min period non-mifid firm must keep training and competence record for approved person?

A

3 years from leaving

30
Q

How sould firm dealwith conflict of int?

A

Manage conflicts fairly

31
Q

Can you receive comm for advice?

A

Yes, but must offer fee basis

32
Q

Canc period for disc gift trust arrgmt?

A

30 days

33
Q

Freedom of movmt of cap under single euro act.

Restrictions on ptmys prohibited for what?

A

Goods and services

34
Q

Max state give for funeral?

A

£2k

35
Q

Max length of time premiums would be paid under waiver of prem on wol policy?

A

6 mths

36
Q

Who does boe report to for roles and resposibilties?

A

Chanellor of exchequer

37
Q

Fsa reports directly to…

A

Treasury

38
Q

Controlled function not significate influence function?

A

Consumer function

39
Q

Person dies interstate with no relative

Who gets the estate?

A

Crown or hm treasury- depending on location

40
Q

Min amount of nominal gift to create an immediate post death interest trust during settlors lifetime is?

A

£10

41
Q

Not a requirement for policy arranged under married persons property act?
And requirements

A 
Policy must refer to the act
But must be:
Applys end and wales only
Own life pol
For bene of spouse child, or civil partner
42
Q

Financial intermediation mitigates what typemof risk?

A

Counterparty risk

43
Q

Legal claim against firm is categorised as what risk?

A

Non-business and an event risk

44
Q

Fsa reg primarily based on what?

A

Principles for bus

45
Q

If you out inheritance in childrens acc, what will happen?

A

If interest >£100 on either acc, entire interest added to your income

46
Q

Fsa’s ‘key facts’ logo can be used on…

A

Service and cost disclosure docs

Not key feature docs

47
Q

Unit linked ins bond valued at 100k

Max recovered under fscs?

A

90k

90%- ins companies, non compulsary

48
Q

Which trust immediately reduced iht liability?

A

Discounted gift trust

49
Q

Discretionary trust rec gilt coupon of 3k

How much income tax payable?

A

1200
20% on 1st 1k
50% on rest

50
Q

Mother sets up 2 life int trusts for kids
1 trust makes 10300 gain on disp of shares
Cgt payable?

A

2142
5300/2 no of trusts assets split bet
10300-2165*0.28= 2142

51
Q

Basel commitee on banking supervision is a multinational commitee of the….

A

Bank of international settlements

52
Q

Share in 1 co- what type of risk?

A

Market and non-systematic

53
Q

Main concern for invester with conventional gilts?

A

Inflation risk

Can get index linked gilts- rpi

54
Q

Risk a terrorist incident constitutes?

A

Business continuity risk

55
Q

Unit trust and key feature document- when should it be given?

A

Its not a mandatory req

56
Q

The simplified conduct of bus rule in nov 07 designed to what?

A

Complement the fsa risk based approach

57
Q

Re the fit and proper test all approved persons undergo, senior managers are subject to procedures that test tech skills and….

A

Ethics

58
Q

Adequate risk management forms which fsa princ for bus?

A

Mngmt and control

DIPFA (24 decks)

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