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The Technical Quiz: 2 October

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Question one

Which of the following is an example of the FCA rules providing greater protection for retail clients than other categories of customer?

A)   The rules for insider trading and market manipulation are less stringent for non-retail clients than for retail clients

B)   The disclosure requirements for retail clients require firms to disclose detailed information about the services they provide, and the costs of those services, at the beginning of the firm-client relationship

C)   A firm must have special permission from the FCA before it can carry out execution-only business

D)   Advisers are obliged to contact a retail client’s previous adviser, and obtain copies of relevant documentation, before making a recommendation

Question two

What tax relief is available to a company for the purchase of intellectual property acquired after 1 April 2002? 

A)    There is no tax relief

B)   The company can opt for either the accounting depreciation or a 4 per cent tax relief

C)   The company must follow the accounting policy for the depreciation of the asset

D)   The company can only have tax relief of 4 per cent of the asset value per annum

Question three

What is the main distinguishing feature of Islamic home purchase finance?

A)    The arrangement provides a return to the financing institution but it does not involve the payment of interest to the institution

B)   The loan involves the payment of a lump sum on repayment in the form of the interest that would have been paid during the term of the loan

C)   The arrangements between the lender and borrower have been blessed by an imam in a mosque

D)   The loan is arranged on an interest-only basis, with the repayment vehicle invested in an ethical Islamic fund

Questions supplied by CPD Centre












1)   B

2)   B

3)   A



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