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CISI UK Financial Regulations (Regs) Mock
Exam includes accurate and verified
questions covering regulatory frameworks in
the UK financial services industry. Topics
include the role of the Financial Conduct
Authority (FCA), anti-money laundering
(AML)
What is one of the FCA's operational objectives? - . .
ANSWER ✔ ✔To secure an appropriate degree of protection
for consumers
Appeals against FCA decisions are normally considered by which
body? - . . ANSWER ✔ ✔Upper Tribunal
All of the following are operational objectives given to the FCA
under the FSA 2012 except: - . . ANSWER ✔ ✔Ensuring that the
relevant markets function well
The FCA 'management and control' Principle for business
requires firms to have adequate systems in place specifically
relating to: - . . ANSWER ✔ ✔Risk management
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Which of the following is a statutory consequence of
contravening the general prohibition? - . . ANSWER ✔
✔Financial services agreements are likely to be unforceable
Which of the following must be directly authorised under the
FSMA to carry on regulated activities? - . . ANSWER ✔ ✔Hedge
fund manager
Which of the following is an excluded activity and hence does
not require authorisation under FSMA? - . . ANSWER ✔
✔Dealing as principal in connection with an employee share
scheme
Which of the following is a specified investment under the
Regulated Activities Order? - . . ANSWER ✔ ✔A cash deposit
held with a bank
Which of the following may conduct a limited range of
regulated activity under Part 20 FSMA regime, without the need
for authorisation? - . . ANSWER ✔ ✔Accountants
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In order to satisfy suitability threshold for authorisation, firms
are required to: - . . ANSWER ✔ ✔Prove that they are fit and
proper
Which factor is typically not considered in assessment over
fitness and propriety of a person performing SMFs within
authorised firms? - . . ANSWER ✔ ✔Experience and seniority
What is the FCA's general approach to the supervision of
authorised firms? - . . ANSWER ✔ ✔Risk based
Which of the following are statutory notices? - . . ANSWER ✔
✔Warning, decision and supervisory notices
If someone deposits criminally obtained banknotes in a building
society account what stage of the money laundering process is
this? - . . ANSWER ✔ ✔Placement
CISI UK Financial Regulations (Regs) Mock
Exam includes accurate and verified
questions covering regulatory frameworks in
the UK financial services industry. Topics
include the role of the Financial Conduct
Authority (FCA), anti-money laundering
(AML)
What is one of the FCA's operational objectives? - . .
ANSWER ✔ ✔To secure an appropriate degree of protection
for consumers
Appeals against FCA decisions are normally considered by which
body? - . . ANSWER ✔ ✔Upper Tribunal
All of the following are operational objectives given to the FCA
under the FSA 2012 except: - . . ANSWER ✔ ✔Ensuring that the
relevant markets function well
The FCA 'management and control' Principle for business
requires firms to have adequate systems in place specifically
relating to: - . . ANSWER ✔ ✔Risk management
,2|Page
Which of the following is a statutory consequence of
contravening the general prohibition? - . . ANSWER ✔
✔Financial services agreements are likely to be unforceable
Which of the following must be directly authorised under the
FSMA to carry on regulated activities? - . . ANSWER ✔ ✔Hedge
fund manager
Which of the following is an excluded activity and hence does
not require authorisation under FSMA? - . . ANSWER ✔
✔Dealing as principal in connection with an employee share
scheme
Which of the following is a specified investment under the
Regulated Activities Order? - . . ANSWER ✔ ✔A cash deposit
held with a bank
Which of the following may conduct a limited range of
regulated activity under Part 20 FSMA regime, without the need
for authorisation? - . . ANSWER ✔ ✔Accountants
, 3|Page
In order to satisfy suitability threshold for authorisation, firms
are required to: - . . ANSWER ✔ ✔Prove that they are fit and
proper
Which factor is typically not considered in assessment over
fitness and propriety of a person performing SMFs within
authorised firms? - . . ANSWER ✔ ✔Experience and seniority
What is the FCA's general approach to the supervision of
authorised firms? - . . ANSWER ✔ ✔Risk based
Which of the following are statutory notices? - . . ANSWER ✔
✔Warning, decision and supervisory notices
If someone deposits criminally obtained banknotes in a building
society account what stage of the money laundering process is
this? - . . ANSWER ✔ ✔Placement
