UK Fr Unit 1 Flashcards

Learn difficult questions on cemap 1

1
Q
  1. The maximum compensation provided by the Financial Services Compensation Scheme (FSCS) is higher for deposits than for investments.
A

False

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2
Q
  1. A charity will be classed by the FCA as an eligible complainant where its annual income is under £2m.
A

False

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3
Q
  1. 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

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4
Q
  1. Awards made by the Financial Ombudsman Scheme are binding on the firm but not on the complainant.
A

True

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5
Q
  1. The Financial Services Compensation Scheme (FSCS) excludes firms based in the Channel Islands and the Isle of Man.
A

True

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6
Q
  1. The FCA rules on complaint handling procedures do not cover complaints from business customers.
A

False

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7
Q
  1. Only written complaints are covered by the FCA’s complaints rules.
A

False

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8
Q
  1. The maximum award that can be made by the Financial Ombudsman Service is £50,000.
A

False

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9
Q
  1. Under anti-money-laundering rules, firms must keep evidence of client identification indefinitely.
A

False

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10
Q
  1. 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

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11
Q
  1. A loan for £30,000 to buy a car would be a regulated loan under the Consumer Credit Act 2006.
A

True

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12
Q
  1. The Information Commissioner can issue financial penalty notices for serious breaches of the General Data Protection Regulation.
A

True

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13
Q
  1. The Pensions Regulator, and not the FCA, is responsible for the regulation of work-based pension schemes.
A

True

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14
Q
  1. 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

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15
Q
  1. The General Data Protection Regulation prohibits the processing of data relating to an individual’s racial origin without their explicit consent.
A

True

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16
Q

The Pensions Ombudsman can decide about complaints and disputes relating to the running of pension schemes as well as the sales and marketing of pension schemes.

A

False

17
Q

Under the General Data Protection Regulation, the data controller is the ‘legal’ person who determines the purposes for which data is processed and the way in which this is done.

A

True

18
Q

A firm’s Money Laundering Reporting Officer must provide senior management with a report at least once a year, which must include details of any incidents reported by staff during the year.

A

True

19
Q

Under the Financial Services Act 2012, all consumers and designated bodies can make a super complaint to the FCA.

A

False

20
Q

Generally, a charge can be made by the data controller when a data subject asks to access their personal data through a subject access request.

A

True

21
Q

A current passport is an acceptable form of identification under anti-money-laundering client identification rules.

A

True

22
Q

Under the General Data Protection Regulation, data falling under the special categories of personal data can only be processed if the individual has given their explicit consent.

A

True

23
Q

The international fight against money laundering is coordinated by the Joint Money Laundering Steering Group.

A

False

24
Q

UCITS legislation enables management companies in any EU member state to operate UCITS funds established in another EU member state.

A

True

25
Q

Match the money laundering offence with its penalty. (Pick only two

A

Concealing criminal property : 14 years.

Tipping off : 5 years.