FCA Chapter 5.2|77 Questions Correctly Solved|2024

A cancellation notice of a policy must be sent for all life policies except: - ️️traded life policies, life policies of 6 months or less, an EEA resident outside UK or outside EEA & UK, occupational pure protection contracts or policies issued to corporate bodies do not need to send a ____. An insurance company must give ___ days notice for renewal terms. - ️️21 days ___ for ___terms is the norm for insurance companies. Before offering any advice an insurance intermediary must go through these steps: - ️️These steps must be followed by an ___:Supply client with initial disclosure document (IDD) or Terms of Business detailing services and authorisation status, then obtain client needs, provide a demands and needs statement, disclose material facts, and policy must contain contractual terms and conditions BIPRU covers: - ️️detailed calculations rules for banks, building societies and investment firms is covered in ___. Block 4 of the FCA Handbook handles ___. - ️️The Regulatory Processes (operation of FCA Authorisation, supervision and disipline are handled in ___ of the FCA handbook. Block 5 Redress Complaint and Compenstation has which 3 sourcebooks? - ️️Dispute Resolution (DISP), Consumer Redress (CONRED) and Compensation (COMP) Client money comprise cash and cheques payable to an ___. - ️️___ comprises cash and cheques payable to an intermediary. Conduct Of Business Sourcebook 3, 4, 6, 8,9,11,13,15,16 apply to most firms and includes MiFID replaces which rules in 2007 - ️️____ replaced COB in 2007 and now includes MiFID describe an example of a CRR calculation for an Exempt CAD firm (firm passporting into EEA). - ️️Base CRR is 25k€ and with a variable CRR of 255 of fixed overheads Does the FCA react or is it proactive? - ️️The FCA is reactive and ___ in its approach. Enforcement, Disciplinary action and notification is handled in ___of the FCA handbook and makes sure firms are complying with their requirements. - ️️Enforcement, _____ action and ____is handled in Block 4 Regulatory Processes of the FCA handbook and makes sure firms are complying with their requirements. Explain COND in HLS - ️️Threshold CONDitions are the minimum conditions that a firm must satisfy as all time if it is to retain its Part4A permission