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Guide for CEMAP 1 - UK Financial Regulations (UKFR) Test

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1/10
Introduction to Financial Services Environment and Products - The main areas of financial advice, asset classes and financial services products
An investment trust is best described as a/an:
Select the answer
1 correct answer
A.
company which invests in shares of other companies.
B.
open-ended investment company which invests in shares of other companies.
C.
trust which invests solely in commercial property.
D.
trust which is owned by its members.

Quiz

2/10
UK Financial Services and Regulation - Conduct of business rules
Steve deliberately leaked an incorrect story that his bank was sustaining significant losses due to credit problems, he then made a profit through dealing. This is an example of what?
Select the answer
1 correct answer
A.
Insider dealing.
B.
Market manipulation.
C.
Money laundering.
D.
Professional malpractice.

Quiz

3/10
UK Financial Services and Regulation - European Directives
MiFID II amended the classification of Independent advice. What did this involve?
Select the answer
1 correct answer
A.
Firms will be able to select whether they will be referred to as Independent
B.
Firms that choose to specialise in one area of financial planning will no longer be required to advise on all retail products, only those within that financial planning area.
C.
Firms must offer advice on all areas of financial planning, but can restrict the number of providers
D.
Firms must have access to every provider and all products to be referred to as Independent.

Quiz

4/10
Introduction to Financial Services Environment and Products - Purpose and structure of the UK financial services industry
Which of the following statements is true?
Select the answer
1 correct answer
A.
A company can issue both shares and bonds, bond issues are a more expensive method for the issuer
B.
A company can issue both shares and bonds, bond issues are a less expensive method for the issuer
C.
A company can issue both shares and bonds, bonds are more risky for the investor
D.
A company can issue both shares and bonds, a company will issue bonds during times of high interest rates

Quiz

5/10
UK Financial Services and Regulation - Complaints and compensation
Which of the following statements is TRUE?
Select the answer
1 correct answer
A.
The POS deals with complaints concerning all aspects of pensions. The Ombudsman’s decision is binding on all parties, and can be enforced in the courts.
B.
The POS deals with complaints concerning occupational and certain aspects of Personal pensions. The Ombudsman’s decision is binding on all parties, and can be enforced in the courts.
C.
The POS deals with complaints concerning all aspects of pensions. Decisions by the POS are binding on member firms, but complainants can take further action through the courts.
D.
The POS deals with complaints concerning occupational and certain aspects of PPP. Decisions by the POS are binding on member firms, but complainants can take further action through the courts

Quiz

6/10
Introduction to Financial Services Environment and Products - Rules and regulations and the FCA’s approach to regulating firms and individuals
Under the rules of an Open-Ended Investment Company, three of the following types of charges may be applied. Which is the exception?
Select the answer
1 correct answer
A.
Administration costs.
B.
Annual management charge.
C.
Initial charge.
D.
Policy fee.

Quiz

7/10
UK Financial Services and Regulation - Regulation
One of the Pension Regulator’s powers is that they are able to investigate schemes to identify and monitor risks. All schemes must carry out the following actions except:
Select the answer
1 correct answer
A.
Give notification of any changes to important information.
B.
Inform the regulator quickly if it discovered that it cannot meet the funding requirements.
C.
Make regular returns to the Pensions Regulator.
D.
Provide details to the regulator of every transfer out of the scheme.

Quiz

8/10
UK Financial Services and Regulation - Financial advice and regular reviews
To be classified as an independent adviser. Which of the following does not need to apply?
Select the answer
1 correct answer
A.
Advice must be unbiased and unrestricted
B.
Advice must be comprehensive and fair
C.
Panels are permitted, but the panel of providers must be updated and reviewed regularly
D.
Specialist advisers cannot call themselves independent

Quiz

9/10
UK Financial Services and Regulation - Financial services products
Which of the following is the correct FCA definition of independent advice?
Select the answer
1 correct answer
A.
A personal recommendation on investments that is presented as suitable for the person or is based on consideration of the circumstances of that person that is free from any restrictions.
B.
Any information provided to an eligible counterparty in relation to a retail investment product where the personal recommendation provided meets the requirements of the rule on independence
C.
A recommendation on stakeholder products
D.
Any information provided to a client in relation to a retail investment product

Quiz

10/10
UK Financial Services and Regulation - Basic legal concepts
The maximum size of loan for private individuals, if any, regulated by the Consumer Credit Act 2006 is:
Select the answer
1 correct answer
A.
£15,000.
B.
£20,000.
C.
£25,000.
D.
Unlimited.
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Info quiz:

  • Quiz name:CEMAP 1 - UK Financial Regulations (UKFR) Test
  • Total number of questions:294
  • Number of questions for the test:100
  • Pass score:70%
  • Number of topics:12 Topics
Study topics:Number of questions:
  • Introduction to Financial Services Environment and Products - Purpose and structure of the UK financial services industry:29 Questions
  • Introduction to Financial Services Environment and Products - Rules and regulations and the FCA’s approach to regulating firms and individuals:57 Questions
  • Introduction to Financial Services Environment and Products - The main areas of financial advice, asset classes and financial services products:65 Questions
  • UK Financial Services and Regulation - Anti-money laundering rules:10 Questions
  • UK Financial Services and Regulation - Basic legal concepts:11 Questions
  • UK Financial Services and Regulation - Complaints and compensation:21 Questions
  • UK Financial Services and Regulation - Conduct of business rules:38 Questions
  • UK Financial Services and Regulation - European Directives:7 Questions
  • UK Financial Services and Regulation - Financial advice and regular reviews:8 Questions
  • UK Financial Services and Regulation - Financial services products:13 Questions
  • UK Financial Services and Regulation - Regulation:30 Questions
  • UK Financial Services and Regulation - The EU General Data Protection Regulation:5 Questions

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