QFA REGS SAMPLE PAPER 3 EXAM (2026/2027)
QUESTIONS AND CORRECT ANSWERS GRADED
A+
The regulation of unfair, misleading or aggressive commercial practices by
financial services firms is shared between which two institutions?
A The Competition and Consumer Protection Commission and the Director of
Corporate Enforcement.
B The Central Bank and the Department of Finance.
C The Director of Corporate Enforcement and the Central Bank.
D The Competition and Consumer Protection Commission and the Central Bank.
D
The Competition and Consumer Protection Commission and the Central Bank
The Central Bank does NOT authorise and regulate which one of the following
entities established in the State?
A Life assurance companies.
B Credit intermediaries.
C Home reversion firms.
D Reinsurance companies.
B
Credit intermediaries
,The Competition and Consumer Protection Commission can impose a levy on:
A insurance intermediaries.
B banks.
C credit intermediaries.
D investment intermediaries
B
Banks
An intermediary who wishes to provide advice to consumers on a Tracker Bond,
which is also a deposit, must be authorised as a(n):
(i) investment intermediary.
(ii) deposit broker.
(iii) credit intermediary.
A (i) only.
B (ii) only.
C (i) and (ii) only.
D (i), (ii) and (iii).
C
(i) and (ii) only.
,A deemed authorised investment intermediary is one which:
A is exempt from authorisation under the Investment Intermediaries Act, 1995.
B is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995.
C has applied for authorisation as an investment intermediary but has not yet
obtained it.
D is restricted to advising only on noninsurance tracker bonds.
B
Is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995
The primary objective of structural regulation of financial services firms is to:
A minimise risks to the financial system.
B ensure financial services providers remain solvent at all times.
C ensure only those with sufficient financial standing and integrity can become
financial services firms.
D enforce compliance by financial services providers with consumer law
C
Ensure only those with sufficient financial standing and integrity can become
financial services firms
In relation to a financial services firm established in an EU country, the term
'freedom of services' means being able to:
, A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide, without
requiring any fresh authorisation.
C charge different levels of fees to different consumers, without requiring
authorisation to do so.
D provide financial services to consumers in another EU County on a cross Border
Basis
D
Provide financial services to consumers in another EU County on a cross Border
Basis
A life assurance company established in Germany sells policies to residents of the
Republic of Ireland. Who regulates the solvency of this life company?
A The Central Bank of Ireland.
B The German Regulatory Authority, BaFin.
C The European Insurance and Occupational Pensions Authority.
D The European Securities and Markets Authority
B
The German Regulatory Authority, BaFin
The Central Bank's Consumer Protection Code is an example of which type of
regulation?
QUESTIONS AND CORRECT ANSWERS GRADED
A+
The regulation of unfair, misleading or aggressive commercial practices by
financial services firms is shared between which two institutions?
A The Competition and Consumer Protection Commission and the Director of
Corporate Enforcement.
B The Central Bank and the Department of Finance.
C The Director of Corporate Enforcement and the Central Bank.
D The Competition and Consumer Protection Commission and the Central Bank.
D
The Competition and Consumer Protection Commission and the Central Bank
The Central Bank does NOT authorise and regulate which one of the following
entities established in the State?
A Life assurance companies.
B Credit intermediaries.
C Home reversion firms.
D Reinsurance companies.
B
Credit intermediaries
,The Competition and Consumer Protection Commission can impose a levy on:
A insurance intermediaries.
B banks.
C credit intermediaries.
D investment intermediaries
B
Banks
An intermediary who wishes to provide advice to consumers on a Tracker Bond,
which is also a deposit, must be authorised as a(n):
(i) investment intermediary.
(ii) deposit broker.
(iii) credit intermediary.
A (i) only.
B (ii) only.
C (i) and (ii) only.
D (i), (ii) and (iii).
C
(i) and (ii) only.
,A deemed authorised investment intermediary is one which:
A is exempt from authorisation under the Investment Intermediaries Act, 1995.
B is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995.
C has applied for authorisation as an investment intermediary but has not yet
obtained it.
D is restricted to advising only on noninsurance tracker bonds.
B
Is automatically authorised to arrange and/or give advice on any of the retail
financial products covered by the Investment Intermediaries Act, 1995
The primary objective of structural regulation of financial services firms is to:
A minimise risks to the financial system.
B ensure financial services providers remain solvent at all times.
C ensure only those with sufficient financial standing and integrity can become
financial services firms.
D enforce compliance by financial services providers with consumer law
C
Ensure only those with sufficient financial standing and integrity can become
financial services firms
In relation to a financial services firm established in an EU country, the term
'freedom of services' means being able to:
, A set up a branch in another EU country.
B provide any type of financial service the firm wishes to provide, without
requiring any fresh authorisation.
C charge different levels of fees to different consumers, without requiring
authorisation to do so.
D provide financial services to consumers in another EU County on a cross Border
Basis
D
Provide financial services to consumers in another EU County on a cross Border
Basis
A life assurance company established in Germany sells policies to residents of the
Republic of Ireland. Who regulates the solvency of this life company?
A The Central Bank of Ireland.
B The German Regulatory Authority, BaFin.
C The European Insurance and Occupational Pensions Authority.
D The European Securities and Markets Authority
B
The German Regulatory Authority, BaFin
The Central Bank's Consumer Protection Code is an example of which type of
regulation?
