Advice Matters - Vol 5 Edition 5

Complete this short quiz to test your knowledge on the latest edition of Advice Matters.

Answer all the questions and hit the done button to see how you have performed. If you have any wrong it is certainly worth revisiting the relevant article from this edition.

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* 1. Which Government department is responsible for managing benefits?

DHSC

DLA

HSC

SWP

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* 2. Which one of these statements is correct? Pacing is

Keeping to a strict agenda to ensure the client remains focused.

Sending clients written communications at regular intervals.

The method in which Universal Credit instalments are paid.

Trust-building techniques in which an adviser aligns their speed of speaking and use of language to their client.

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* 3. Under the new state pension rules, for how long must an individual have paid National Insurance contributions (i.e. what is the minimum qualifying period on their NI record?) in order to receive the full state pension?

25 years

30 years

35 years

This is no minimum qualifying period on this so long as there’s record of paid NI contributions.

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* 4. Mary has just invested in a structured deposit. Which one of these is it true to say?

Her investment will always have soft protection.

She will be covered by the Financial Services Compensation Scheme up to £85,000.

She will be guaranteed a return of her capital plus interest irrespective of market

She will face a potential capital loss should the index fall in value.

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* 5. Which one of these statements is true? Capital protected structured investments:

Are completely guaranteed to return at least the initial investment amount.

Offer the potential to make a specified return based on an increase in a specified market index.

Only offer soft protection.

Will always return capital should the counterparty fail.

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* 6. Due to the Covid pandemic, how much did the index level drop between January 17th and March 23rd 2020?

25%

35%

45%

55%

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* 7. What is a zero-coupon bond?

A basic bond with a fixed coupon and a defined maturity.

A bond matching the term of the structured product with no interest paid during the term but an agreed repayment amount on maturity.

A bond that allows the holder to extend the maturity if required.

A bond that has a lower credit rating and offers higher interest rates in return for the increased risk.

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* 8. What is contingent charging?

A charge based on the final pension transfer amount

A charge which applies to abridged advice on pension transfers only

Advisers are only paid if a pension transfer goes ahead

An additional charge made by PI insurers should an adviser provide advice on pension transfers during the period of insurance

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* 9. Which one of these statements is true?

FCA rules on investment pathways came into force on 1/8/2020

FCA rules on investment pathways come into force on 1/2/2021

The FCA has delayed the introduction of rules on investment pathways indefinitely

The FCA rules on investment pathways apply to advised consumers only

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* 10. In the FCA’s consultation paper on driving value for money in pensions which THREE of these are considered the key elements of value?

Charges and costs

Investment performance

Quantity of clients

Services provided

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* 11. Please provide your details here to complete the quiz.

Name

Company

City/Town

Email Address

Phone Number