TSP 23rd September

Compliance - Consumer Duty

1

What is the primary goal of the FCA Consumer Duty?

A) Increase profits for financial firms

B) Protect consumers from fraud

C) Set a higher standard of consumer protection

D) Encourage consumers to invest in risky products

Answer: C) Set a higher standard of consumer protection

1

Under the FCA Consumer Duty, firms are required to focus on the needs of which group? 

A) Themselves

B) Their shareholders

C) Vulnerable consumers

D) Competitors

Answer: C) Vulnerable consumers

1

When must firms act to deliver good outcomes for consumers under the FCA Consumer Duty? 

A) Only at the point of sale

B) Throughout the entire customer lifecycle

C) Only when customers raise concerns

D) Only when there is a regulatory review

Answer: B) Throughout the entire customer lifecycle

2

Which of the following actions is required of firms under the FCA Consumer Duty?

A) Prioritize profits over consumer outcomes

B) Provide consumers with clear and transparent information

C) Encourage consumers to purchase as many products as possible

D) Only offer complex products to high-net-worth individuals

 

Answer: B) Provide consumers with clear and transparent information

Compliance - FCA & General

1

Which of the following is NOT one of the FCA's three operational objectives?

• A) Protecting consumers
• B) Protecting and enhancing the integrity of the UK financial system
• C) Facilitating competition in the interests of consumers
• D) Supporting firms to make the highest profits

Answer: D) Supporting firms to make the highest profits

1

Which of the following is a key focus of the FCA’s Treating Customers Fairly (TCF) initiative?

• A) Offering products with the highest fees
• B) Ensuring products are only offered to high-net-worth individuals
• C) Ensuring that consumers are provided with clear information
• D) Encouraging firms to only sell complex products

Answer: C) Ensuring that consumers are provided with clear information

1

 Which of the following actions is considered a violation of the UK Bribery Act, as enforced by the FCA?

• A) Offering a client a discount on a product
• B) Not providing a financial reward to a government official to secure a business contract
• C) Not offering a customer a free product sample
• D) Recommending a high-risk investment to a client

Answer is C) Not offering a customer a free product sample. Customer free product is not related to bribery act regardless if offer or not offer 

 

2

What is a key requirement for FCA-regulated firms in relation to bribery prevention?

• A) Firms must have adequate procedures in place to prevent bribery and corruption
• B) Firms must only monitor bribery risks for high-value clients
• C) Firms are not required to report bribery unless it exceeds a specific financial threshold
• D) Firms are responsible for preventing bribery only within the UK

Answer: A) Firms must have adequate procedures in place to prevent bribery and corruption

General - FUN - Random

1

Who said

"Some people are worth melting for"

Olaf

1

Which is the oldest university in the United Kingdom? 

• A) University of Cambridge
• B) University of St Andrews
• C) University of Oxford
• D) University of Edinburgh

C) University of Oxford

1

Who was the longest-reigning British monarch before Queen Elizabeth II? 

• A) Queen Victoria
• B) King George III
• C) King Henry VIII
• D) Queen Mary I

A) Queen Victoria

2

Which historic battle led to the defeat of the Spanish fleet by the Americans during the Spanish-American War, marking the beginning of American colonization in the Philippines?

• A) Battle of Mactan
• B) Battle of Manila Bay
• C) Battle of Bataan
• D) Battle of Leyte Gulf

• B) Battle of Manila Bay