QFA REGS EXAM BANK
SAMPLE PAPER 1, 2, 3 & 4 : 2026/2027
COMPLETE ACTUAL EXAM
250 Questions With Detailed Verified Answers
(100% Correct)
Brand New!!
Graded A+
Welcome to the QFA REGS Exam Bank Practice Examination. This comprehensive test bank
covers essential concepts in financial services regulation, consumer protection, data protection,
advertising standards, and professional conduct requirements for financial services providers in
Ireland. The exam consists of 250 multiple-choice questions designed to assess your
understanding of the Central Bank's Consumer Protection Code, Data Protection legislation,
and other regulatory requirements. Each question includes the correct answer and a brief
rationale to enhance your learning experience and prepare you for success on the QFA REGS
examination.
Domains Covered:
1. Consumer Protection Code - Scope and Application (Questions 1-40)
2. Advertising Requirements and Standards (Questions 41-80)
3. Insurance Intermediaries and Professional Standards (Questions 81-110)
4. Data Protection Legislation - Scope and Application (Questions 111-140)
5. Marketing and Unsolicited Communications (Questions 141-180)
6. Consumer Protection Code - Specific Requirements (Questions 181-220)
7. Professional Conduct and Regulatory Compliance (Questions 221-250)
QUESTION 1
The Central Bank's Consumer Protection Code does NOT apply to:
A) Insurance intermediaries
B) Banks
C) MiFID investment firms, when providing MiFID services
D) General insurance companies
,Answer: C) MiFID investment firms, when providing MiFID services
Rationale: The Consumer Protection Code does not apply to MiFID investment firms when
they are providing MiFID services. These firms are subject to separate MiFID requirements
and regulations.
QUESTION 2
The Central Bank's Consumer Protection Code advertising requirements apply to:
(i) Flyers
(ii) Product brochures
(iii) A firm's website
A) (i) only
B) (ii) only
C) (ii) and (iii) only
D) (i), (ii) and (iii)
Answer: D) (i), (ii) and (iii)
Rationale: The Consumer Protection Code advertising requirements apply to flyers,
product brochures, and a firm's website. All forms of advertising and promotional
materials are covered by the Code.
QUESTION 3
A financial services provider is advertising an investment product which can fluctuate in
value and does not guarantee a return of capital. Under the Consumer Protection Code,
which one of these warning statements must be included in the advertisement?
A) If you invest in this product, you may lose some of the money you invest
B) The value of your investment will fluctuate
C) The value of your investment may go down as well as up
D) The value of your investment may go up as well as down
Answer: C) The value of your investment may go down as well as up
Rationale: Under the Consumer Protection Code, when advertising an investment product
that can fluctuate in value and does not guarantee a return of capital, the warning
statement "The value of your investment may go down as well as up" must be included.
,QUESTION 4
DEF Life Ltd, an authorised insurance intermediary, cannot use the term 'insurance broker'
unless it:
(i) provides at least 75% of its regulated annual turnover on a fair analysis basis
(ii) has at least 20 agency appointments with different product producers
(iii) offers the client an option to pay for its services by means of a fee
A) (i) only
B) (i) and (ii) only
C) (ii) and (iii) only
D) (i), (ii) and (iii)
Answer: A) (i) only
Rationale: An authorised insurance intermediary cannot use the term 'insurance broker'
unless it provides at least 75% of its regulated annual turnover on a fair analysis basis.
The other conditions are not required.
QUESTION 5
Personal data for the purposes of Data Protection legislation includes personal data held:
(i) on computers
(ii) in manual paper files
(iii) on USB sticks
A) (i) only
B) (ii) only
C) (i) and (iii) only
D) (i), (ii) and (iii)
Answer: D) (i), (ii) and (iii)
Rationale: Personal data for the purposes of Data Protection legislation includes personal
data held on computers, in manual paper files, and on USB sticks. All forms of data
storage are covered.
QUESTION 6
John filled out a loan application to ABC Bank plc. He filled in his email address on the
form and opted in to the use of this information by ABC for future marketing purposes.
, ABC can now send John an unsolicited marketing email about other products and services
the bank offers, if the bank:
A) Sends him the email within 12 months of him opting in to receive such information
B) First reconfirms in writing with him that he is happy to continue receiving marketing
emails at this address
C) Did not send him a previous marketing email to this address within the last 12 months
D) Has verified that the email is directly relevant to his current financial circumstances
Answer: A) Sends him the email within 12 months of him opting in to receive such
information
Rationale: When a customer has opted in to receive marketing communications, the bank
can send unsolicited marketing emails within 12 months of the opt-in. This is permitted
under the relevant regulations.
QUESTION 7
FIT Ltd, an insurance intermediary, can make an unsolicited telephone call to Alison, who is
NOT an existing client of the firm, if:
(i) Alison has been referred to the firm by a solicitor
(ii) Alison has expressly consented to the solicitor passing on her details to FIT
(iii) her telephone number is on the National Data Base Opt Out Register
A) (i) only
B) (i) and (ii) only
C) (i) and (iii) only
D) (ii) and (iii) only
Answer: B) (i) and (ii) only
Rationale: An insurance intermediary can make an unsolicited telephone call to a non-client
if the person has been referred by a solicitor and has expressly consented to the solicitor
passing on their details. A number on the National Data Base Opt Out Register would
prevent the call.
QUESTION 8
HWJ Ltd, an insurance intermediary, can make an unsolicited telephone call to the
personal phone belonging to Aoife who is NOT an existing client of the firm, if:
A) The purpose of the call is limited to offering Aoife a term assurance policy
SAMPLE PAPER 1, 2, 3 & 4 : 2026/2027
COMPLETE ACTUAL EXAM
250 Questions With Detailed Verified Answers
(100% Correct)
Brand New!!
Graded A+
Welcome to the QFA REGS Exam Bank Practice Examination. This comprehensive test bank
covers essential concepts in financial services regulation, consumer protection, data protection,
advertising standards, and professional conduct requirements for financial services providers in
Ireland. The exam consists of 250 multiple-choice questions designed to assess your
understanding of the Central Bank's Consumer Protection Code, Data Protection legislation,
and other regulatory requirements. Each question includes the correct answer and a brief
rationale to enhance your learning experience and prepare you for success on the QFA REGS
examination.
Domains Covered:
1. Consumer Protection Code - Scope and Application (Questions 1-40)
2. Advertising Requirements and Standards (Questions 41-80)
3. Insurance Intermediaries and Professional Standards (Questions 81-110)
4. Data Protection Legislation - Scope and Application (Questions 111-140)
5. Marketing and Unsolicited Communications (Questions 141-180)
6. Consumer Protection Code - Specific Requirements (Questions 181-220)
7. Professional Conduct and Regulatory Compliance (Questions 221-250)
QUESTION 1
The Central Bank's Consumer Protection Code does NOT apply to:
A) Insurance intermediaries
B) Banks
C) MiFID investment firms, when providing MiFID services
D) General insurance companies
,Answer: C) MiFID investment firms, when providing MiFID services
Rationale: The Consumer Protection Code does not apply to MiFID investment firms when
they are providing MiFID services. These firms are subject to separate MiFID requirements
and regulations.
QUESTION 2
The Central Bank's Consumer Protection Code advertising requirements apply to:
(i) Flyers
(ii) Product brochures
(iii) A firm's website
A) (i) only
B) (ii) only
C) (ii) and (iii) only
D) (i), (ii) and (iii)
Answer: D) (i), (ii) and (iii)
Rationale: The Consumer Protection Code advertising requirements apply to flyers,
product brochures, and a firm's website. All forms of advertising and promotional
materials are covered by the Code.
QUESTION 3
A financial services provider is advertising an investment product which can fluctuate in
value and does not guarantee a return of capital. Under the Consumer Protection Code,
which one of these warning statements must be included in the advertisement?
A) If you invest in this product, you may lose some of the money you invest
B) The value of your investment will fluctuate
C) The value of your investment may go down as well as up
D) The value of your investment may go up as well as down
Answer: C) The value of your investment may go down as well as up
Rationale: Under the Consumer Protection Code, when advertising an investment product
that can fluctuate in value and does not guarantee a return of capital, the warning
statement "The value of your investment may go down as well as up" must be included.
,QUESTION 4
DEF Life Ltd, an authorised insurance intermediary, cannot use the term 'insurance broker'
unless it:
(i) provides at least 75% of its regulated annual turnover on a fair analysis basis
(ii) has at least 20 agency appointments with different product producers
(iii) offers the client an option to pay for its services by means of a fee
A) (i) only
B) (i) and (ii) only
C) (ii) and (iii) only
D) (i), (ii) and (iii)
Answer: A) (i) only
Rationale: An authorised insurance intermediary cannot use the term 'insurance broker'
unless it provides at least 75% of its regulated annual turnover on a fair analysis basis.
The other conditions are not required.
QUESTION 5
Personal data for the purposes of Data Protection legislation includes personal data held:
(i) on computers
(ii) in manual paper files
(iii) on USB sticks
A) (i) only
B) (ii) only
C) (i) and (iii) only
D) (i), (ii) and (iii)
Answer: D) (i), (ii) and (iii)
Rationale: Personal data for the purposes of Data Protection legislation includes personal
data held on computers, in manual paper files, and on USB sticks. All forms of data
storage are covered.
QUESTION 6
John filled out a loan application to ABC Bank plc. He filled in his email address on the
form and opted in to the use of this information by ABC for future marketing purposes.
, ABC can now send John an unsolicited marketing email about other products and services
the bank offers, if the bank:
A) Sends him the email within 12 months of him opting in to receive such information
B) First reconfirms in writing with him that he is happy to continue receiving marketing
emails at this address
C) Did not send him a previous marketing email to this address within the last 12 months
D) Has verified that the email is directly relevant to his current financial circumstances
Answer: A) Sends him the email within 12 months of him opting in to receive such
information
Rationale: When a customer has opted in to receive marketing communications, the bank
can send unsolicited marketing emails within 12 months of the opt-in. This is permitted
under the relevant regulations.
QUESTION 7
FIT Ltd, an insurance intermediary, can make an unsolicited telephone call to Alison, who is
NOT an existing client of the firm, if:
(i) Alison has been referred to the firm by a solicitor
(ii) Alison has expressly consented to the solicitor passing on her details to FIT
(iii) her telephone number is on the National Data Base Opt Out Register
A) (i) only
B) (i) and (ii) only
C) (i) and (iii) only
D) (ii) and (iii) only
Answer: B) (i) and (ii) only
Rationale: An insurance intermediary can make an unsolicited telephone call to a non-client
if the person has been referred by a solicitor and has expressly consented to the solicitor
passing on their details. A number on the National Data Base Opt Out Register would
prevent the call.
QUESTION 8
HWJ Ltd, an insurance intermediary, can make an unsolicited telephone call to the
personal phone belonging to Aoife who is NOT an existing client of the firm, if:
A) The purpose of the call is limited to offering Aoife a term assurance policy
