FCA Mock Exam Questions
Which of the following does not have any rights under FSCS? - ✔✔Authorized firm with respect
to general insurance.
- A retail client, trustee of scheme with assets and a small biz with regard t
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FCA Mock Exam Questions
Which of the following does not have any rights under FSCS? - ✔✔Authorized firm with respect
to general insurance.
- A retail client, trustee of scheme with assets and a small biz with regard to general insurance all
have rights
What best represents FCA view on industry guidance? - ✔✔The FCA will not monitor or
enforce compliance of INDUSTRY guidance b/c it is not mandatory
Market abuse is different than insider dealing in all of the following ways except? - ✔✔Market
abuse is based on civil burden-balance of probabilities; it should be easier for the FCA to
demonstrate abusive behavier; and it can be applied to commodity derivatives.
It is not true that it should be easier for the FCA to impose a custodial sentence as only FINES
can be imposed.
What best reflects the firm systematic framework (FSF) of FCA? - ✔✔Risk-based approach
Proactive Supervision = FSF = preventative work through the structured conduct assessment of
firms.
Event driven = remedial/reactive work = deals with problems that are emerging or have
happened
Issues and Products = thematic supervision/intensive campaigns
Tools = Diagnostic; Monitoring; Preventative; Remedial
What is minimum reflection period for sale of life or pension product irrespective of whether the
firm offers advice? - ✔✔30 days for life and pension products. Firms may voluntarily offer
longer periods at the same or better terms.
The Collective Investment Scheme Sourcebook does not apply to:
Depository of ICVC
Trustees of authorized unit trust
Director of investment trust
Manager of an authorized unit trust - ✔✔Director of an investment trust
-Investment companies are not classified as a CIS and therefore not covered by the CIS
sourcebook
Which is responsibility of HOST:
Authorization of branch
COBS
Fitness and prop of firm employees
Capital adequacy - ✔✔COBS is responsibility of HOST
- A firm when conducting biz in another EEA state under MiFID must follow HOST COBS
The Tax and Chancery Chamber of the Upper Tribunal is operated by? - ✔✔A government
department
The Tribunal as an appeal committee is independent of the Regulator. Run by Ministry of
Justice.
To which do COBS apply:
Long term insurance related to life policy
Offering car breakdown insurance
Credit unions
Regulated mortgages - ✔✔Long term insurance
- Insurance is DIB and rest are not
Under FSMA 2000 can a person be both authorized and ex
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