WorksheetsRecap - Banking
Total questions: 21
Worksheet time: 21mins
After how many days of waiting for your complaint to be resolved by the firm can you contact the FSPO?
5
40
100
14
The ______ limit requires you to have a minimum deposit before you can get a mortgage. The size of this deposit depends on what category of buyer you are.
LTV - Loan to Value
LTI - Loan to Income
1.What is the normal time limit for submission to the FSPO of a complaint that does not relate to a long term financial service or a life assurance policy?
4 years
1 year
6 years
2 years
When going to the FSPO you will be always entitled to compensation
True
False
Prudential requirements ensures that ....
Your treated fairly when you buy a financial product or service
Firms hold sufficient capital for its business needs
Consumers can borrow any amount of money from firms whenever they like
Firms have proper authorization(licence) to provide financial services
Why is financial regulation important?
Consumer Protection
Financial Stability
Market Confidence
All above answers
A credit union is a group of people, connected by a common bond' eg. based on the area they live in, the occupation they work in, or the employer they work for, who save together and lend to each other at a fair and reasonable rate of interest
True
False
Who regulates the financial industry in Ireland?
League of Credit Unions
Central Bank of Ireland
Your local county council
Minister for Finance
Mary is a business owner and is owed €5,000 by a previous client for a completed project, the invoice has payment terms of 30 days. Recommend an appropriate lending category for Mary to ensure smooth running of the business while waiting for invoices to be paid..
Conduct of business rules ensures that....
Firms have proper authorization(licence) to provide financial services
Those working in the the industry can make up their own rules/ regulations
Your treated fairly when you buy a financial product or service
Firms hold sufficient capital for its business needs
The below are examples of standard IBANs in Ireland -
AIBKIE2D or BOFIIE2D
True
False
Mary is starting her first job and will be getting paid a weekly salary. She will need to have access to the salary in order to pay for bills such as groceries in store and utilities online.
What financial product will Mary require in order to facilitate her payments paid in and also out?
(a)
What method does the FSPO use first in resolving a complaint?
Investigation
Mediation
Resolution
Meditation
The _____ limit restricts the amount of money you can borrow to a maximum of 3.5 times your gross income.
LTI - Loan to Income
LTV - Loan to Value
When you first apply for a mortgage you can get a letter from a lender showing the amount they could lend you, based on some initial information given and initial checks made.
This is called (a)
In Ireland, the IBAN consists of 22 alphanumeric characters.
True
False
What two insurances am I required to take out when taking out a mortgage?
Mortgage protection
Motor insurance
Home insurance
Contents insurance
Business line of credit is a flexible way to help you manage your business seasonal working capital throughout the year. It is pre planned by you..
True
False
A 'variable' rate has a rate of interest which doesn’t change for a set period of time, so you know exactly how much you pay every month
True
False
List 1 pro and 1 con of both a variable and fixed interest rate
What is 'hire purchase'?
