FCA Mock Exam Questions 160 Questions with 100% Correct Answers | Updated & Verified | 44 Pages

Which of the following does not have any rights under FSCS? - Authorized firm with respect to general insurance. - A retail client, trustee of scheme with assets and a small biz with regard to general insurance all have rights What best represents FCA view on industry guidance? - The FCA will not monitor or enforce compliance of INDUSTRY guidance b/c it is not mandatory Market abuse is different than insider dealing in all of the following ways except? - Market abuse is based on civil burden-balance of probabilities; it should be easier for the FCA to demonstrate abusive behavier; and it can be applied to commodity derivatives. It is not true that it should be easier for the FCA to impose a custodial sentence as only FINES can be imposed. What best reflects the firm systematic framework (FSF) of FCA? - Risk-based approach Proactive Supervision = FSF = preventative work through the structured conduct assessment of firms. Event driven = remedial/reactive work = deals with problems that are emerging or have happened Issues and Products = thematic supervision/intensive campaigns Tools = Diagnostic; Monitoring; Preventative; RemedialWhat is minimum reflection period for sale of life or pension product irrespective of whether the firm offers advice? - 30 days for life and pension products. Firms may voluntarily offer longer periods at the same or better terms. The Collective Investment Scheme Sourcebook does not apply to: Depository of ICVC Trustees of authorized unit trust Director of investment trust Manager of an authorized unit trust - Director of an investment trust