SAF Questions Paper 1
FCA Regulations Quiz
Test your knowledge of the FCA and its regulations with our engaging quiz! This quiz consists of multiple-choice questions designed to assess your understanding of important financial regulations and concepts.
Key Features:
- 10 insightful questions
- Learn while you play
- Perfect for finance professionals
Which of the following is NOT an objective of the FCA
Protecting the integrity of the UK financial system
Promoting effective competition in the financial markets
Secure an appropriate degree of protection for consumers
Approving all financial Insurance Products
What is the FCA's strategic Objective
To ensure that all relevant markets function well
To ensure that firms comply with the regulations
To keep insurance premiums low
What does the FCA mean when they note that they expect firms to take a principles based approach
They expect firms to stick rigidly to the letter of the regulations
They expect firms to generally apply the regulations
They expect firms to adhere to the spirit as well as the letter of their values
The regulations are optional
Which of the following would be regulated by the FCA
Banks
Building Societies
Insurance Intermediaries
Manufacturers
Which of the following is NOT an insurance intermediary
A retailer selling insurance
An insurance broker
An Insurance administrator
An Insurance company
How many individual conduct rules has the FCA announced
3
5
7
11
A company that operates under the control of a directly authorised company is called what
Authorised Representative
Appointed Representative
Authorised reseller
Appointed Reseller
How are the majority of motor dealership insurance products classified by the FCA
General Insurance (Personal)
Specialist insurance
General Insurance (Commercial)
General Insurance (London Market)
What act gives the FCA (and the FSA before it) responsibility for general insurance
Financial Services and Markets Act
Data Protection Act
Financial Services Authority Act
Finance and Insurance Services Act
What best describes the legal requirement for motor insurance in the UK
Third party insurance is mandatory
Third party fire and theft insurance is mandatory
Fully comprehensive insurance is mandatory
There are no legal requirements
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