QFA REGS SAMPLE PAPER 1 EXAM (2026/2027)
QUESTIONS AND CORRECT ANSWERS GRADED
A+
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 Irish Central Bank.
B The German Regulatory Authority, BaFin.
C The European Insurance and Occupational Pensions Authority.
D The European Securities and Markets Authority.
B
1.2.4
The prescription of procedures which must be followed by financial services firms
in their dealings with consumers is which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business.
D
,1.2.4
The Central Bank shares its function to prohibit unfair, misleading or aggressive
commercial practices by financial services providers with the:
A Competition and Consumer Protection Commission.
B Director of Corporate Enforcement.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority.
A
1.3.1
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
1.2.1
,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 country on a cross border
basis.
D
1.2.1
The MAXIMUM fine which the Central Bank can impose personally on Mary, the
CEO of a bank, for non-compliance by the bank with financial services regulations
is:
A €0.5 million.
B €1 million.
C €2 million.
D €5 million.
B
1.3.3
The Central Bank shares its power to undertake surveys of the provision of
financial services to consumers with the:
, A Consumers' Association of Ireland.
B Competition and Consumer Protection Commission.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority.
B
1.4.3
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
1.4.4
The Competition and Consumer Protection Commission can impose a levy on:
A insurance intermediaries.
B banks.
C credit intermediaries.
D investment intermediaries.
B
QUESTIONS AND CORRECT ANSWERS GRADED
A+
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 Irish Central Bank.
B The German Regulatory Authority, BaFin.
C The European Insurance and Occupational Pensions Authority.
D The European Securities and Markets Authority.
B
1.2.4
The prescription of procedures which must be followed by financial services firms
in their dealings with consumers is which type of regulation?
A Structural.
B Systemic.
C Prudential.
D Conduct of Business.
D
,1.2.4
The Central Bank shares its function to prohibit unfair, misleading or aggressive
commercial practices by financial services providers with the:
A Competition and Consumer Protection Commission.
B Director of Corporate Enforcement.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority.
A
1.3.1
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
1.2.1
,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 country on a cross border
basis.
D
1.2.1
The MAXIMUM fine which the Central Bank can impose personally on Mary, the
CEO of a bank, for non-compliance by the bank with financial services regulations
is:
A €0.5 million.
B €1 million.
C €2 million.
D €5 million.
B
1.3.3
The Central Bank shares its power to undertake surveys of the provision of
financial services to consumers with the:
, A Consumers' Association of Ireland.
B Competition and Consumer Protection Commission.
C European Insurance and Occupational Pensions Authority.
D European Securities and Markets Authority.
B
1.4.3
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
1.4.4
The Competition and Consumer Protection Commission can impose a levy on:
A insurance intermediaries.
B banks.
C credit intermediaries.
D investment intermediaries.
B
