UK FINANCIAL REGULATION -
CHAPTER ONE: THE REGULATORY
ENVIRONMENT CORRECT 100%
The regulator can require firms to retain customer telephone recordings for what
prescribed additional duration beyond the standard retention period? - ANSWERTwo
years
Under the Senior Managers Regime, an individual carrying out a senior management
function has a duty of responsibility to fulfil their prescribed responsibilities and also to: -
ANSWERRemedy breaches
The risks arising from the types of products sold and to whom they are sold can be
classed as which types of risk? - ANSWERConduct risk
What is the strategic objective of the Financial Conduct Authority (FCA)? - ANSWERTo
ensure that the relevant markets function well
Striving to uphold the highest levels of personal and professional standards is included
in which ONE of the following Principles of the Charted Institute for Securities &
Investment's Code of Conduct? - ANSWERPrinciple 1
The establishment of a competent and properly-staffed compliance department is an
example under the Code of Practice for which ONE of the following Statements of
Principle? - ANSWERStatement of Principle 7 - complying with relevant requirements
and standards of the regulatory system
To comply with senior management requirements, what action must a firm take before
outsourcing critical operational functions to a third party? - ANSWERNotify the Financial
Conduct Authority (FCA)
The CISI's published Principles specifically state that members should attain and
actively manage a level of professional competence appropriate to their responsibilities
and also to: - ANSWERPromote the development of others
A recent re-organization of a common platform firm has resulted in confusion over
management liens of control. This situation: - ANSWERIs likely to be a breach of the
FCA rules
The provisions in the FCA Handbook are generally indicated by a single letter. Which
letter is the provision set out in the FCA Handbook that is not a binding rule in its own
right, but relates to another, binding rule? - ANSWERE (Evidential Provision)
CHAPTER ONE: THE REGULATORY
ENVIRONMENT CORRECT 100%
The regulator can require firms to retain customer telephone recordings for what
prescribed additional duration beyond the standard retention period? - ANSWERTwo
years
Under the Senior Managers Regime, an individual carrying out a senior management
function has a duty of responsibility to fulfil their prescribed responsibilities and also to: -
ANSWERRemedy breaches
The risks arising from the types of products sold and to whom they are sold can be
classed as which types of risk? - ANSWERConduct risk
What is the strategic objective of the Financial Conduct Authority (FCA)? - ANSWERTo
ensure that the relevant markets function well
Striving to uphold the highest levels of personal and professional standards is included
in which ONE of the following Principles of the Charted Institute for Securities &
Investment's Code of Conduct? - ANSWERPrinciple 1
The establishment of a competent and properly-staffed compliance department is an
example under the Code of Practice for which ONE of the following Statements of
Principle? - ANSWERStatement of Principle 7 - complying with relevant requirements
and standards of the regulatory system
To comply with senior management requirements, what action must a firm take before
outsourcing critical operational functions to a third party? - ANSWERNotify the Financial
Conduct Authority (FCA)
The CISI's published Principles specifically state that members should attain and
actively manage a level of professional competence appropriate to their responsibilities
and also to: - ANSWERPromote the development of others
A recent re-organization of a common platform firm has resulted in confusion over
management liens of control. This situation: - ANSWERIs likely to be a breach of the
FCA rules
The provisions in the FCA Handbook are generally indicated by a single letter. Which
letter is the provision set out in the FCA Handbook that is not a binding rule in its own
right, but relates to another, binding rule? - ANSWERE (Evidential Provision)
