Advice Matters - Edition 4 - 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. The FCA provides distinct definitions for which of the following?

i) Exchange Tokens
ii) Utility Tokens
iii) Security Tokens
iv) Bit Tokens

i) & iii) only

i), ii) & iv) only

i), ii) & iii) only

i), ii), iii) & iv)

Question Title

* 2. With regard to consumer protection and the prevention of harm, consumers can use services like the FCA Register to make sure the firms they are dealing with have the necessary permissions for the regulated activities they are undertaking.’ How is that goal to be achieved through the MLR regime?

In order to achieve this goal the MLR regime is now compulsory for all firms whose activities fall within the scope of the 4th Anti Money Laundering Regulation.

In order to achieve this goal the MLR regime is now voluntary for all firms whose activities fall within the scope of the 5th Anti Money Laundering Regulation.

In order to achieve this goal the MLR regime is now voluntary for all firms whose activities fall within the scope of the 4th Anti Money Laundering Regulation.

In order to achieve this goal the MLR regime is now compulsory for all firms whose activities fall within the scope of the 5th Anti Money Laundering Regulation.

Question Title

* 3. The FCA has extended its temporary permissions regime for firms that were carrying on cryptoasset activities immediately before 10 January 2020, to what date?

31 December 2021

31 March 2022

9 July 2022

31 December 2022

Question Title

* 4. Which of the following statements is correct?

Cryptoassets are considered low risk investments

If you invest in any form of cryptoasset, you will always have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS) if something goes wrong

If you invest in cryptoassets, you should be prepared to lose all your money

Any payment made using cryptoassets will be protected by regulation

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* 5. When did the FCA take on the role of ensuring UK Cryptoasset businesses conform with AML and CTF rules?

January 2020

December 2000

June 2010

February 2017

Question Title

* 6. The article notes that COVID-19 has affected the vulnerability of regulated firms to financial crime. Which example was given, and what was the effect?

The risk of financial crime has reduced as fewer people are dealing face to face with staff.

The risk of financial crime has increased due to internal fraud as staff work from home.

The risk of financial crime has reduced as there has been fewer financial transactions taking place during the pandemic.

The risk of financial crime has increased due to increased reliance on existing automated systems, with more remote servicing and less direct contact.

Question Title

* 7. Which statement most closely reflects the battle between criminals and financial services firms?

Financial services firms are constantly having to adapt to the new and innovative ways that criminals try to use the system.

Financial services firms must always be one step ahead of the criminals to avoid regulatory censure.

Criminals are now less reliant on financial services firms than in the past, and the risk to firms are reducing.

Given the scale of current criminal activity using financial services, the regulator recognise that it is now impossible to take effective action against it.

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* 8. How much money does the National Crime Agency believe is lost from the UK economy annually from serious organised crime alone?

£37 million

£3.7 billion

£3.7 million

£37 billion

Question Title

* 9. On which date do pre-paid funeral plans come within the scope of FCA regulation?

21 July 2022

22 July 2022

29 July 2022

30 July 2022

Question Title

* 10. Statutory regulation of funeral plans will encompass which of the following?
i)       firms that sell or carry out funeral plan contracts for funerals in the UK (including funeral directors and will writers)

ii)      investment advisers who provide advice on funeral plan contracts

iii)    insurance firms that provide life insurance policies backing some funeral plans

iv)    trusts and discretionary investment managers who manage the assets of trusts that back some funeral plans

i) only

ii) & iii) only

i), iii) & iv) only

i), ii), iii) & iv)

Question Title

* 11. Which of the following statements is correct?

When statutory regulation takes effect anyone undertaking pre-paid funeral plan activities will only be able to do so if directly authorised by the FPA.

When statutory regulation takes effect anyone undertaking pre-paid funeral plan activities will need either to have FCA’s authorisation to do so, or become an appointed representative (AR) of an FCA-authorised Principal.

When statutory regulation takes effect anyone undertaking pre-paid funeral plan activities will need either to have FPA’s authorisation to do, or become an appointed representative (AR) of an FPA-authorised Principal.

When statutory regulation takes effect anyone undertaking pre-paid funeral plan activities will only be able to do so if directly authorised by the FCA.

Question Title

* 12. Firms already FCA-regulated that wish to conduct activities in relation to pre-paid funeral plans will need to take what action before statutory regulation takes effect?

Submit an application for FCA reauthorisation to include provision of pre-paid funeral plans

Submit a Variation of Permission application to the FCA

Submit a Change of Regulated Activity application to the FCA

Submit a Notice of Changed Regulated Activity to the FCA

Question Title

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

Name

Company

City/Town

Email Address

Phone Number

Advice Matters - Edition 4 - 2021

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

Question Title

* 1. The FCA provides distinct definitions for which of the following?i) Exchange Tokensii) Utility Tokensiii) Security Tokensiv) Bit Tokens

Question Title

Question Title

* 3. The FCA has extended its temporary permissions regime for firms that were carrying on cryptoasset activities immediately before 10 January 2020, to what date?

Question Title

* 4. Which of the following statements is correct?

Question Title

* 5. When did the FCA take on the role of ensuring UK Cryptoasset businesses conform with AML and CTF rules?

Question Title

* 6. The article notes that COVID-19 has affected the vulnerability of regulated firms to financial crime. Which example was given, and what was the effect?

Question Title

* 7. Which statement most closely reflects the battle between criminals and financial services firms?

Question Title

* 8. How much money does the National Crime Agency believe is lost from the UK economy annually from serious organised crime alone?

Question Title

* 9. On which date do pre-paid funeral plans come within the scope of FCA regulation?

Question Title

Question Title

* 11. Which of the following statements is correct?

Question Title

* 12. Firms already FCA-regulated that wish to conduct activities in relation to pre-paid funeral plans will need to take what action before statutory regulation takes effect?

Question Title

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

* 1. The FCA provides distinct definitions for which of the following?

i) Exchange Tokens
ii) Utility Tokens
iii) Security Tokens
iv) Bit Tokens