Advice Matters - Edition 5 - 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.

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* 1. Which Overseas Territory is specifically mentioned in the new Financial Services Bill?

Gibraltar

Guernsey

Bermuda

British Antarctic Territory

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* 2. Who will part-fund the Statutory Debt Repayment plan?

The FCA and PRA

Creditors

Borrowers

Incoming overseas firms

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* 3. Which of these is a headline aim of the new Financial Services Bill?

To restrict access to the UK financial services market to UK firms

To maintain a direct link and comply with EU financial regulation

To give preferential treatment to British Overseas Territories

To promote enhanced prudential standards and financial stability across the financial sector

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* 4. The Temporary Transitional Power (TTP) gives firms “breathing space”, allowing time for them to adapt to the new regime. When is the TTP planned to end?

June 2021

December 2021

March 2022

July 2022

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* 5. Which new Bill intends to introduce equivalence regimes for overseas retail investment, allowing them access to UK clients?

Third Country Transitional Period

Overseas Funds Regime

European Market Infrastructure Regulation

Markets in Financial Instruments Regulation

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* 6. Under orders of priorities for financial planning, which of the following has the highest priority?

Protection

Future savings and investments

Estate planning

Debt management

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* 7. According to the ABI, which type of insurance did most households in the UK have?

Buildings insurance

Contents insurance

Motor insurance

Mortgage protection

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* 8. Of the three needs, which of these best describes an ‘established need’?

What the adviser/client thinks they need

The clients understanding of the consequences of their action or inaction

The real need following appropriate fact finding

A need that has already been fulfilled

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* 9. Figures produced by the ABI suggest that approximately what percentage of new protection policy claims were paid in 2019?

93%

95%

98%

99.9%

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* 10. Which of the following are proposals contained in CP19/32?

Firms should identify their important business services that if disrupted could cause harm to consumers or market integrity

Firms should identify and document the people, processes, technology, facilities and information that support their important business services (mapping)

Firms should test their ability to remain within their impact tolerances through a range of severe but plausible disruption scenarios

The FCA should conduct lessons- and learned exercises to help firms identify, prioritise and invest in their ability to respond and recover from disruptions as effectively as possible

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* 11. What do the initials ICAAP stand for?

International Capital Adequacy Assessment Process

Internal Capital Availability Assessment Process

Internal Capital Adequacy Assessment Process

Internal Capital Adequacy Accreditation Process

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* 12. How many TCF outcomes are there?

Three

Five

Six

Eleven

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* 13. As a result of the implementation of the SM&CR and in light of the pandemic, it has never been more important for Senior Managers to do what?

Document their roles, accountabilities and responsibilities

Ensure their job security for consistent business continuity

Contact clients and personally address their concerns

Publish their justification for important decisions they have made

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* 14. 5) Your firm’s business resumption and continuity response should be a key item on your what?

Website Privacy Policy

Operating agreement

Risk register

Client contracts

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

Name

Company

City/Town

Email Address

Phone Number