
LIBF CertFS Unit 1 Topic 8 Consumer Protection
Quiz
•
English
•
11th Grade
•
Practice Problem
•
Medium
Mrs M Roberts
Used 4+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of the Financial Conduct Authority (FCA)?
To ensure that financial markets function well and consumers get a fair deal
To provide emergency financial support to banks
To compensate consumers if their financial services provider fails
To handle customer complaints about providers
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Prudential Regulation Authority (PRA) focus on?
Providing a free service to consumers to make informed financial decisions
Micro-prudential regulation of individual financial providers
Handling customer complaints
Promoting effective competition in the interests of consumers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the maximum amount the Financial Services Compensation Scheme (FSCS) protects for deposits if a provider cannot repay?
£75,000
£100,000
£85,000
£50,000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What event triggered the first 'run' on a British bank in over a century?
The nationalisation of Bradford and Bingley
Media reports about Northern Rock
The bailout of large banking groups
The bankruptcy of Lehman Brothers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main aim of the Financial Ombudsman Service (FOS)?
To supervise the actions of financial services providers
To ensure that banks have enough capital to absorb losses
To regulate financial markets
To sort out complaints between financial businesses and their customers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was one of the key recommendations of the Independent Commission on Banking?
Eliminate the Financial Services Compensation Scheme
Separate retail banking from investment banking
Reduce the number of banks in the UK
Increase consumer borrowing
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does ring-fencing in the UK banking sector mean?
Limiting the amount of money banks can lend
Protecting banks from foreign competition
Separating everyday banking activities from more risky investment bank activities
Ensuring all banks have a physical presence
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