SAF Questions

A car finance company is preparing a financial promotion to advertise one of its products. What should the lender do to help comply with the FCA's rules
State all of the credit products it offers to customers
Use false customer testimonials to help promote a credit product
State their company name as the firm who is offering credit to customers
Emphasise the potential benefits of the credit product, but not the risks
A fixed rate of Interest is:
Calculated on a rate over the Bank Base Rate
Calculated on the amount of money borrowed
Calculated on the amount of capital outstanding after each payment is made
Calculated on a day-to-day basis
A personal Contract Purchase agreement on a vehicle is normally available to
Non-limited companies only
All potential customers
Employed individuals only
Private Individuals only
Contact Hire is a form of:
On-balance sheet funding
Off-balance sheet funding
How many approved persons must a motor dealer, that has a limited permission and is not directly authorised for general insurance have?
One
Two
None
Unlimited
How much redress could the financial ombudsman service award to a customer with a complaint?
Up to £25,000
Up to £75,000
Up to £150,000
There is no limit
If a consumer can prove that a fault had occurred with their vehicle on the date it came into their possession, they can reject the vehicle or claim a reduction in price within what time frame after this date?
Up to 3 months
Up to 6 months
Up to 1 year
Up to 6 years
If a consumer excercises their Right of Withdrawal under a finance agreement, how long after giving notice does the consumer have to repay the finance in full
Seven days
14 days
21 days
30 days
If a firm undertaking regulated activities is not FCA authorised:
It should immediately apply for an Interim permission
The firm can offer consumer credit activities provided it is authorised for general insurance
It is acting illegally
The firm is acting legally, provided it has submitted an authorisation application to the FCA
If the customer purchases a vehicle on finance who would be considered the "trader" under the COnsumer Rights act?
The finance company
A broker
A motor insurance provider
The dealership
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