CQIB LATEST 2026 TEST PAPER QUESTIONS AND ANSWERS
RATED A+
✔✔What is Financial Markets Authority (FMA)? - ✔✔Regulator for financial markets
enforcing securities, financial reporting and company law.
✔✔What are the regulatory functions of FMA? - ✔✔Monitoring & Supervision,
Investigations & Enforcement, Policy & Guidance, Licensing, Education & Information.
✔✔What is Financial Services Legislation Amendment Act 2019 (FSLSAA)? -
✔✔Replaced RFA, AFA and QFE with FAP licence and Financial Adviser or Nominated
Representative.
✔✔What are the Financial Advice Disclosure Requirements? - ✔✔Advisers must
disclose licence, commissions, services, disciplinary history, complaints procedure and
fees.
✔✔What is a Wholesale Investor? - ✔✔Person with good understanding of investment
vehicles.
✔✔Who qualifies as an Eligible Investor? - ✔✔Someone with enough experience in
buying and selling financial products.
✔✔What is Investment Activity? - ✔✔Demonstration of significant investment activity in
the past two years.
✔✔Who is a Large Investor? - ✔✔Someone with net assets or consolidated turnover of
$5 million or more.
✔✔What is Investment Business? - ✔✔Holding a professional certification or
experience that shows in-depth financial knowledge.
✔✔What is the Commerce Commission responsible for? - ✔✔Enforcement of
competition, fair trading and consumer credit laws in New Zealand.
✔✔What are Dispute Resolution Schemes? - ✔✔Investigate and resolve complaints
made by consumers against financial service providers.
✔✔What is the role of the Banking Ombudsman? - ✔✔Assist consumers with most
banking-related complaints.
✔✔What types of complaints can the Banking Ombudsman consider? - ✔✔Complaints
less than $350,000, those not already resolved by the bank, or complaints about a
bank's commercial judgement or complaints better dealt with by another agency.
, ✔✔What is the role of the Insurance and Financial Services Ombudsman? -
✔✔Resolving complaints involving superannuation, investments, financial advice,
insurance, loans and credit, foreign exchange and money transfer service providers.
✔✔What is the limit for complaints to be considered by the Insurance and Financial
Services Ombudsman? - ✔✔Less than a $200,000 lump sum or a $1,500 weekly
payment.
✔✔What is FSCL? - ✔✔Impartial dispute resolution body
✔✔What is FDRS? - ✔✔Free dispute resolution service for consumers
✔✔What is Disputes Tribunal of New Zealand? - ✔✔Binding decision maker after
disputes resolution scheme
✔✔What is money laundering? - ✔✔Disguising illegal profits' origin
✔✔What is placement in money laundering? - ✔✔Introducing illegal funds to formal
financial system
✔✔What is layering in money laundering? - ✔✔Moving or disguising illegal funds
✔✔What is integration in money laundering? - ✔✔Investing distanced funds into
criminal activity or legitimate business
✔✔What are bank accounts used for in money laundering? - ✔✔Introducing illicit money
into financial system
✔✔What are safe deposit boxes used for in money laundering? - ✔✔Storing proceeds
and instruments of crime with privacy
✔✔What is the purpose of FSCL? - ✔✔To provide impartial dispute resolution
✔✔What is the purpose of FDRS? - ✔✔To resolve complaints between consumers and
financial service providers
✔✔What is the purpose of Disputes Tribunal of New Zealand? - ✔✔To make binding
decisions after disputes resolution scheme
✔✔What is the consequence of being a member of FDRS? - ✔✔Bound by
determinations made by the scheme
RATED A+
✔✔What is Financial Markets Authority (FMA)? - ✔✔Regulator for financial markets
enforcing securities, financial reporting and company law.
✔✔What are the regulatory functions of FMA? - ✔✔Monitoring & Supervision,
Investigations & Enforcement, Policy & Guidance, Licensing, Education & Information.
✔✔What is Financial Services Legislation Amendment Act 2019 (FSLSAA)? -
✔✔Replaced RFA, AFA and QFE with FAP licence and Financial Adviser or Nominated
Representative.
✔✔What are the Financial Advice Disclosure Requirements? - ✔✔Advisers must
disclose licence, commissions, services, disciplinary history, complaints procedure and
fees.
✔✔What is a Wholesale Investor? - ✔✔Person with good understanding of investment
vehicles.
✔✔Who qualifies as an Eligible Investor? - ✔✔Someone with enough experience in
buying and selling financial products.
✔✔What is Investment Activity? - ✔✔Demonstration of significant investment activity in
the past two years.
✔✔Who is a Large Investor? - ✔✔Someone with net assets or consolidated turnover of
$5 million or more.
✔✔What is Investment Business? - ✔✔Holding a professional certification or
experience that shows in-depth financial knowledge.
✔✔What is the Commerce Commission responsible for? - ✔✔Enforcement of
competition, fair trading and consumer credit laws in New Zealand.
✔✔What are Dispute Resolution Schemes? - ✔✔Investigate and resolve complaints
made by consumers against financial service providers.
✔✔What is the role of the Banking Ombudsman? - ✔✔Assist consumers with most
banking-related complaints.
✔✔What types of complaints can the Banking Ombudsman consider? - ✔✔Complaints
less than $350,000, those not already resolved by the bank, or complaints about a
bank's commercial judgement or complaints better dealt with by another agency.
, ✔✔What is the role of the Insurance and Financial Services Ombudsman? -
✔✔Resolving complaints involving superannuation, investments, financial advice,
insurance, loans and credit, foreign exchange and money transfer service providers.
✔✔What is the limit for complaints to be considered by the Insurance and Financial
Services Ombudsman? - ✔✔Less than a $200,000 lump sum or a $1,500 weekly
payment.
✔✔What is FSCL? - ✔✔Impartial dispute resolution body
✔✔What is FDRS? - ✔✔Free dispute resolution service for consumers
✔✔What is Disputes Tribunal of New Zealand? - ✔✔Binding decision maker after
disputes resolution scheme
✔✔What is money laundering? - ✔✔Disguising illegal profits' origin
✔✔What is placement in money laundering? - ✔✔Introducing illegal funds to formal
financial system
✔✔What is layering in money laundering? - ✔✔Moving or disguising illegal funds
✔✔What is integration in money laundering? - ✔✔Investing distanced funds into
criminal activity or legitimate business
✔✔What are bank accounts used for in money laundering? - ✔✔Introducing illicit money
into financial system
✔✔What are safe deposit boxes used for in money laundering? - ✔✔Storing proceeds
and instruments of crime with privacy
✔✔What is the purpose of FSCL? - ✔✔To provide impartial dispute resolution
✔✔What is the purpose of FDRS? - ✔✔To resolve complaints between consumers and
financial service providers
✔✔What is the purpose of Disputes Tribunal of New Zealand? - ✔✔To make binding
decisions after disputes resolution scheme
✔✔What is the consequence of being a member of FDRS? - ✔✔Bound by
determinations made by the scheme
