Copy of Advice Matters - Edition 3 - 2021

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.

Question Title

* 1. 1. Complete the sentence below.

The Financial Conduct Authority’s aim in bringing the Financial Markets Test Case Scheme was ….

To clarify key issues of contractual uncertainty for as many policyholders and insurers as possible, as a matter of urgency.

To ensure that all policyholders could make a claim for Covid-19 BI cover.

To ensure that as few as possible policyholders could make a claim for Covid-19 BI cover.

To ensure that Covid-19-related claims were restricted to a maximum amount

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* 2. According to the ABI, how much do insurers expect to pay out for BI Covid-19-related claims for 2020?

£200bn

£20bn

£25

£2bn

Question Title

* 3. Which of these statements is true?

The Supreme Court judgment determines how much is payable under individual policies.

The Supreme Court judgment has directed the FOS to determine how much is payable under individual policies.

The High Court judgment does not determine how much is payable under individual policies but provides the basis for doing so.

The Supreme Court judgment does not determine how much is payable under individual policies but provides the basis for doing so.

Question Title

* 4. Which of the following would you NOT include when providing a triage service:

Information on the features of both DB schemes and DC schemes

Information that is presented in a factual manner without comment on its value

Personalised information specific to the client’s circumstances

Information that does not provide any disproportionate focus on any aspect of a DB or DC scheme

Question Title

* 5. You are explaining to a client how your firm offers an abridged advice process. All of the following are correct except:

There will only be two outcomes to your advice – not to transfer or insufficient information to provide advice

If the client decides to proceed to full advice after going through the abridged advice process, then any fees involved with the provision of the abridged advice will be deducted from the full advice fee

Cash flow modelling is unlikely to form part of the abridged advice process

An APTA and TVC must be included

Question Title

* 6. Which of the following statements would you NOT use when describing to a client what the TVC represents

The TVC is based on a number of FCA assumptions and it does not take into account current rates or the flexibility you require, therefore it is flawed

The TVC shows that it would be more expensive for you to secure the same benefits if you transferred

It is the difference between what you have been offered and the cost of buying the same benefits if you transferred

It can be seen as the price of flexibility

Question Title

* 7. Complete the following sentence:

“Mandatory Whistleblowing rules apply to ...

… all Financial Services firms”

… all dual-regulated firms”

… solo-regulated firms only”

… PRA-regulated firms only”

Question Title

* 8. Which one of the following statements is correct?

A reportable concern is a concern held by any person in relation to the activities of a firm

A reportable concern is a concern held by a Senior Manager in relation to the activities of a firm

A reportable concern is a concern held by the Whistleblower Champion in relation to the activities of a firm

A reportable concern is a concern held by a customer in relation to the activities of a firm

Question Title

* 9. Which of the following statements is correct?

A whistleblower must follow their firm’s internal escalation process

A whistleblower requires the Whistleblowers’ Champion’s permission before contacting the FCA

Only the Whistleblowers’ Champion is allowed to contact the FCA

A whistleblower may whistleblow either through the firm’s internal escalation process, or directly with the FCA’s dedicated Whistleblowing Team

Question Title

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

Name

Company

City/Town

Email Address

Phone Number

Copy of Advice Matters - Edition 3 - 2021

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

Question Title

* 1. 1. Complete the sentence below.The Financial Conduct Authority’s aim in bringing the Financial Markets Test Case Scheme was ….

Question Title

* 2. According to the ABI, how much do insurers expect to pay out for BI Covid-19-related claims for 2020?

Question Title

* 3. Which of these statements is true?

Question Title

* 4. Which of the following would you NOT include when providing a triage service:

Question Title

* 5. You are explaining to a client how your firm offers an abridged advice process. All of the following are correct except:

Question Title

* 6. Which of the following statements would you NOT use when describing to a client what the TVC represents

Question Title

* 7. Complete the following sentence:“Mandatory Whistleblowing rules apply to ...

Question Title

* 8. Which one of the following statements is correct?

Question Title

* 9. Which of the following statements is correct?

Question Title

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

* 1. 1. Complete the sentence below.

The Financial Conduct Authority’s aim in bringing the Financial Markets Test Case Scheme was ….

* 7. Complete the following sentence:

“Mandatory Whistleblowing rules apply to ...