QFA REGULATIONS EXAM (2026/2027) — COMPREHENSIVE
EXAM QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS
TOPIC 1: REGULATORY BODIES & THE CENTRAL BANK OF IRELAND
Question 1: The Competition and Consumer Protection Commission can
impose a levy on which of the following entities?
A) Credit Unions
B) Banks
C) Insurance intermediaries
D) Pension providers
Correct Answer: B
Rationale: The CCPC has statutory power to impose a levy on banks to
fund its operations in regulating certain financial services activities. This
is distinct from the Central Bank's funding model.
Question 2: The regulation of unfair, misleading or aggressive
commercial practices by financial services firms is shared between
which two institutions?
A) The Central Bank and the Department of Finance
B) The Competition and Consumer Protection Commission and the
Central Bank
C) The Financial Services Ombudsman and the CCPC
D) The Irish Financial Services Appeals Tribunal and the Central Bank
,Correct Answer: B
Rationale: The CCPC and the Central Bank share regulatory
responsibility for unfair, misleading or aggressive commercial practices
by financial services firms.
Question 3: The Central Bank's Consumer Protection Code requires
product producers launching a new investment product to provide
details of which of the following to any intermediary who will promote
and sell that product to consumers?
A) The commission structure only
B) The key characteristics and features of the product
C) The marketing budget for the product
D) The names of other intermediaries selling the product
Correct Answer: B
Rationale: Product producers must provide intermediaries with the key
characteristics and features of the product to enable them to properly
advise consumers.
Question 4: The prescription of procedures which must be followed by
financial services firms in their dealings with consumers is which type of
regulation?
A) Prudential
B) Structural
C) Conduct of Business
D) Systemic
,Correct Answer: C
Rationale: Conduct of Business regulation prescribes the procedures
and standards for how financial services firms must deal with
consumers.
Question 5: Regulation of the continuing solvency and liquidity of
established financial services firms is known as which type of
regulation?
A) Conduct of Business
B) Structural
C) Systemic
D) Prudential
Correct Answer: D
Rationale: Prudential regulation focuses on ensuring the ongoing
solvency and liquidity of financial services firms.
Question 6: 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) Control who can enter the market and how they are organised
D) Set maximum prices for financial products
Correct Answer: C
, Rationale: Structural regulation controls market entry and the
organisational structure of financial services firms.
Question 7: The authorisation of financial services firms falls under
which type of regulation?
A) Prudential Regulation
B) Systemic Regulation
C) Conduct of Business Regulation
D) Structural Regulation
Correct Answer: D
Rationale: Authorisation is a structural regulation mechanism that
controls who may enter the financial services market.
Question 8: What are the two objectives of the Central Bank's
regulation of financial services?
A) Profit maximisation and market expansion
B) A stable financial system and consumer protection
C) Tax collection and employment growth
D) Competition and innovation
Correct Answer: B
Rationale: The Central Bank's dual objectives are maintaining a stable
financial system and protecting consumers.
EXAM QUESTIONS COMPLETE WITH 100% VERIFIED ANSWERS
TOPIC 1: REGULATORY BODIES & THE CENTRAL BANK OF IRELAND
Question 1: The Competition and Consumer Protection Commission can
impose a levy on which of the following entities?
A) Credit Unions
B) Banks
C) Insurance intermediaries
D) Pension providers
Correct Answer: B
Rationale: The CCPC has statutory power to impose a levy on banks to
fund its operations in regulating certain financial services activities. This
is distinct from the Central Bank's funding model.
Question 2: The regulation of unfair, misleading or aggressive
commercial practices by financial services firms is shared between
which two institutions?
A) The Central Bank and the Department of Finance
B) The Competition and Consumer Protection Commission and the
Central Bank
C) The Financial Services Ombudsman and the CCPC
D) The Irish Financial Services Appeals Tribunal and the Central Bank
,Correct Answer: B
Rationale: The CCPC and the Central Bank share regulatory
responsibility for unfair, misleading or aggressive commercial practices
by financial services firms.
Question 3: The Central Bank's Consumer Protection Code requires
product producers launching a new investment product to provide
details of which of the following to any intermediary who will promote
and sell that product to consumers?
A) The commission structure only
B) The key characteristics and features of the product
C) The marketing budget for the product
D) The names of other intermediaries selling the product
Correct Answer: B
Rationale: Product producers must provide intermediaries with the key
characteristics and features of the product to enable them to properly
advise consumers.
Question 4: The prescription of procedures which must be followed by
financial services firms in their dealings with consumers is which type of
regulation?
A) Prudential
B) Structural
C) Conduct of Business
D) Systemic
,Correct Answer: C
Rationale: Conduct of Business regulation prescribes the procedures
and standards for how financial services firms must deal with
consumers.
Question 5: Regulation of the continuing solvency and liquidity of
established financial services firms is known as which type of
regulation?
A) Conduct of Business
B) Structural
C) Systemic
D) Prudential
Correct Answer: D
Rationale: Prudential regulation focuses on ensuring the ongoing
solvency and liquidity of financial services firms.
Question 6: 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) Control who can enter the market and how they are organised
D) Set maximum prices for financial products
Correct Answer: C
, Rationale: Structural regulation controls market entry and the
organisational structure of financial services firms.
Question 7: The authorisation of financial services firms falls under
which type of regulation?
A) Prudential Regulation
B) Systemic Regulation
C) Conduct of Business Regulation
D) Structural Regulation
Correct Answer: D
Rationale: Authorisation is a structural regulation mechanism that
controls who may enter the financial services market.
Question 8: What are the two objectives of the Central Bank's
regulation of financial services?
A) Profit maximisation and market expansion
B) A stable financial system and consumer protection
C) Tax collection and employment growth
D) Competition and innovation
Correct Answer: B
Rationale: The Central Bank's dual objectives are maintaining a stable
financial system and protecting consumers.
