QFA Regs - Sample Paper 1 verified answer questions
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. Correct Answer-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. Correct Answer-D
1.2.1
,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. Correct Answer-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. Correct Answer-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. Correct Answer-A
1.3.1
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. Correct Answer-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. Correct Answer-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. Correct Answer-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. Correct Answer-B
1.4.5
An investment intermediary CANNOT provide investment advice on
which one of the following?
A Contracts for Difference.
B Bonds listed on a Stock Exchange.
C Non-insurance tracker bonds.
D Collective investment funds. Correct Answer-A
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. Correct Answer-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. Correct Answer-D
1.2.1
,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. Correct Answer-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. Correct Answer-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. Correct Answer-A
1.3.1
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. Correct Answer-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. Correct Answer-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. Correct Answer-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. Correct Answer-B
1.4.5
An investment intermediary CANNOT provide investment advice on
which one of the following?
A Contracts for Difference.
B Bonds listed on a Stock Exchange.
C Non-insurance tracker bonds.
D Collective investment funds. Correct Answer-A
