UK Fr Unit 1 Flashcards
Learn difficult questions on cemap 1
1
Q
- The maximum compensation provided by the Financial Services Compensation Scheme (FSCS) is higher for deposits than for investments.
A
False
2
Q
- A charity will be classed by the FCA as an eligible complainant where its annual income is under £2m.
A
False
3
Q
- The maximum penalty for breaching the Bribery Act 2010 is an unlimited fine and a term of imprisonment of up to ten years.
A
True
4
Q
- Awards made by the Financial Ombudsman Scheme are binding on the firm but not on the complainant.
A
True
5
Q
- The Financial Services Compensation Scheme (FSCS) excludes firms based in the Channel Islands and the Isle of Man.
A
True
6
Q
- The FCA rules on complaint handling procedures do not cover complaints from business customers.
A
False
7
Q
- Only written complaints are covered by the FCA’s complaints rules.
A
False
8
Q
- The maximum award that can be made by the Financial Ombudsman Service is £50,000.
A
False
9
Q
- Under anti-money-laundering rules, firms must keep evidence of client identification indefinitely.
A
False
10
Q
- The anti-money-laundering rules require an authorised firm to obtain satisfactory evidence of identity from all investors for all transactions, irrespective of the amount.
A
False
11
Q
- A loan for £30,000 to buy a car would be a regulated loan under the Consumer Credit Act 2006.
A
True
12
Q
- The Information Commissioner can issue financial penalty notices for serious breaches of the General Data Protection Regulation.
A
True
13
Q
- The Pensions Regulator, and not the FCA, is responsible for the regulation of work-based pension schemes.
A
True
14
Q
- The Consumer Rights Act 2015 dictates that a contract that contains a clause that is found to be unfair will be deemed to be wholly invalid.
A
False
15
Q
- The General Data Protection Regulation prohibits the processing of data relating to an individual’s racial origin without their explicit consent.
A
True