Consumer duty refresher training

Consumer duty refresher training

Professional Development

7 Qs

quiz-placeholder

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Consumer duty refresher training

Consumer duty refresher training

Assessment

Quiz

Financial Education

Professional Development

Practice Problem

Hard

Created by

Remy Alexander-Japal

Used 21+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Under Consumer Duty a firm must act to deliver good what for retail customers?

a)       Investment performance

b)       Outcomes

c) Behaviours

d)   Money

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which one of the following is not a cross cutting rule under Consumer Duty?

a)       Avoid causing foreseeable harm to retail customers

b)      Enable and support retail customers to pursue their financial objectives

c)       Provide retail customers with suitable advice

d)      Act in good faith towards retail customers

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Which two of the four outcomes are most applicable to UKTA?

a)       Products and services

b)      Price and value

c)       Consumer understanding

d)      Consumer support

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Which of the following practices are not compliant with Consumer Duty? (choose all that are applicable)

a) Sludge

b) Processes that support behavioural bias

c) Appropriate friction

d) Unreasonable barriers

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Outcome 3 (Consumer Understanding) requires us to…. (choose all that are applicable)

a) Meet the information needs of retail customers in a way that is fair, clear and not misleading

b) Provide information on a timely basis

c) Tailor communications to take account of customer vulnerabilities / additional needs

d) Where appropriate, test communications before issuing them and monitor impact after they’ve been issued.

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Outcome 4 (Consumer Support) requires us to…. (choose all that are applicable)

a) Design and deliver support to retail customers to ensure they can use their product as reasonably anticipated

b) Only fix errors when the retail customer has complained

c) Provide the same level of support to a person authorised to act on behalf of a retail customer as we would to the customer themselves

d) Obtain evidence of customer’s additional needs and vulnerabilities

7.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Media Image

Which of the following are vulnerable customers?

a) A person aged over 70

b) Person contacting us regarding death of an investor

c) A customer requesting documentation in large print

d) The agent of a person with Alzheimer’s