ICWIM RELIABLE DUMPS PPT & ICWIM EXAMINATIONS ACTUAL QUESTIONS

ICWIM Reliable Dumps Ppt & ICWIM Examinations Actual Questions

ICWIM Reliable Dumps Ppt & ICWIM Examinations Actual Questions

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Tags: ICWIM Reliable Dumps Ppt, ICWIM Examinations Actual Questions, Valid ICWIM Exam Sims, ICWIM Valid Exam Fee, New ICWIM Exam Book

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q168-Q173):

NEW QUESTION # 168
If someone in a fiduciary position has personal or professional interests that compete with their duty to act in the client's best interest, this is called:

  • A. A conflict of interest
  • B. A regulatory breach
  • C. Full disclosure
  • D. Discretionary management

Answer: A

Explanation:
* Conflict of Interest Definition:
* A fiduciary position requires prioritizing the client's best interest. When personal or professional interests compete with this duty, it constitutes a conflict of interest.
* Such conflicts can undermine the trust and integrity of the fiduciary relationship.
* Elimination of Other Options:
* A: Discretionary management is unrelated to fiduciary conflicts.
* B: A regulatory breach may occur if the conflict is not disclosed but is not inherently the conflict itself.
* C: Full disclosure is a way to manage conflicts, not the conflict itself.
References:
* ICWIM Module 5: Coverage of fiduciary responsibilities and managing conflicts of interest.


NEW QUESTION # 169
For a key person protection policy, a company will:

  • A. Need to establish an insurable interest
  • B. Seek to be covered for an undefined sum of money
  • C. Be insured against staff moving to a competitor
  • D. Be required to pay ever-increasing premiums

Answer: A

Explanation:
Key person protection is a type of business insurance where a company takes out a life insurance policy on a key employee, such as a CEO or top executive.
* Why is Option D Correct?
* An insurable interest must exist # The company must demonstrate financial loss if the key person dies or becomes incapacitated.
* The policy protects against lost revenue, recruitment costs, and operational disruption.
* Why Not Other Options?
* A (Ever-increasing premiums) # Premiums may increase, but this is not a requirement.
* B (Protection against staff leaving) # Key person insurance does not cover resignations.
* C (Undefined sum) # The insured amount is calculated based on business impact.
# Reference: FCA Business Protection Regulations, CISI Wealth & Investment Management.


NEW QUESTION # 170
Shareholder protection ensures sufficient funds are available to purchase the shareholding of a major shareholder on their death. It does this by:

  • A. Establishing a policy on each of the shareholding directors' lives
  • B. Being written into the Articles of Association
  • C. Investing in the shares of the company
  • D. Providing term assurance to all of the company's employees

Answer: A

Explanation:
Shareholder protection insurance is a crucial financial planning tool for businesses. It ensures that if a major shareholder dies, the remaining shareholders have the funds necessary to buy out the deceased's shares, preventing business disruption.
* How It Works:
* Each major shareholder is insured via a life insurance policy (answer C).
* If a shareholder dies, the insurance pays out a lump sum to allow the surviving shareholders to buy the deceased's shares.
* This prevents shares from being passed to family members who may not be involved in the business.
* Why Not Other Options?
* A (Investing in shares of the company) # This does not create liquidity to buy shares on a shareholder's death.
* B (Providing term assurance to employees) # This applies to employee benefits, not shareholder buyouts.
* D (Articles of Association) # These govern company rules but do not provide funding to purchase shares.
# Reference: FCA Guidelines on Business Protection, CISI Wealth & Investment Management (Business Continuity Planning).


NEW QUESTION # 171
One benefit of the Rules-Based model of regulation is that it:

  • A. Involves a high degree of prescriptive procedures and detailed rules, making it clear what individuals and firms must do to comply
  • B. Offers a unique combination of private interests with government oversight
  • C. Evolves quickly in fast-changing dynamic markets
  • D. Provides a source of guidance on how firms and individuals are expected to act

Answer: A

Explanation:
A Rules-Based model provides strict, prescriptive compliance requirements to ensure regulatory adherence.
* Why is Option C Correct?
* It removes ambiguity by outlining clear-cut rules that financial firms must follow.
* Example: The FCA's Conduct of Business Sourcebook (COBS) provides detailed guidelines on investment advice and suitability.
* Why Not Other Options?
* A (Evolves quickly) # Rules-based systems are rigid and slow to adapt.
* B (Guidance) # A Principles-Based system (not Rules-Based) provides general guidance.
* D (Combination of interests) # This relates more to self-regulation models.
# Reference: FCA Regulatory Framework, CISI Wealth & Investment Management.


NEW QUESTION # 172
What is the first action an adviser takes to ensure that their advice is suitable for a client?

  • A. Gather sufficient information from the client
  • B. Draw attention to the cancellation period
  • C. Ensure recommendations are confirmed by a third party
  • D. Offer the client a range of options

Answer: A

Explanation:
* Suitability of Advice
* The first step in providing suitable advice is understanding the client's financial situation, goals, and risk tolerance.
* This is achieved bygathering sufficient informationthrough a fact-find process.
* Why the Answer is C
* Without detailed client information, advice cannot be tailored to individual circumstances, leading to regulatory non-compliance and potential mis-selling.
* Why Other Options are Incorrect
* A. Offer options: Comes later after understanding the client's needs.
* B. Cancellation period: A compliance requirement but irrelevant to suitability.
* D. Third-party confirmation: Not a standard part of the advice process.
* ICWIM Study Guide, Chapter on Client Engagement: Emphasizes information gathering as the first step.
* FCA Suitability Guidelines: Highlights the importance of a thorough fact-find.
References


NEW QUESTION # 173
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