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NEW QUESTION # 126
An execution-only sale usually means a sale where there is an absence of:
Answer: A
Explanation:
* Understanding Execution-Only Sales:
* Execution-only sales occur when the client makes a financial transaction without receiving any advice or recommendations from the intermediary.
* The client assumes full responsibility for the decision.
* Elimination of Other Options:
* A: Charges are typically present in execution-only sales.
* C: The product is being sold; the sale cannot occur without it.
* D: Guarantees are unrelated to the advisory process.
References:
* ICWIM Module 4: Focus on financial advice models, including execution-only services.
NEW QUESTION # 127
Why might a custom benchmark be required when measuring portfolio performance?
Answer: A
Explanation:
A custom benchmark is necessary when a portfolio contains multiple asset classes, as no single index can fully represent its performance.
* Why is Option D Correct?
* A diversified portfolio (e.g., equities, bonds, commodities) needs a composite benchmark that reflects its asset allocation.
* Example: A portfolio with 60% equities and 40% bonds might use a benchmark of 60% MSCI World Index and 40% Barclays Global Bond Index.
* Why Not Other Options?
* A (Easier than a pre-defined benchmark) # Custom benchmarks require more effort, not less.
* B (Absolute performance measure) # Benchmarks compare performance relative to the market, not in absolute terms.
* C (Tracking error measurement) # A benchmark helps measure tracking error, but the need for a custom benchmark arises due to asset diversity.
# Reference: CFA Institute (Benchmarking), CISI Wealth & Investment Management.
NEW QUESTION # 128
A defined benefit pension scheme gives an employee the advantage of:
Answer: B
Explanation:
* Defined Benefit Pension Scheme:
* This scheme provides a fixed, pre-determined income in retirement based on factors like years of service and final salary.
* The employer assumes the investment and longevity risks, ensuring predictability for the employee.
* Elimination of Other Options:
* A: Contributions may be required from the employee, depending on the plan.
* B: Index-linking to inflation is a feature of some schemes but not universal.
* D: Investment performance is not guaranteed but managed by the employer.
References:
* ICWIM Module 5: Discussion on pension types and benefits.
NEW QUESTION # 129
Which of the following is an example of a mandatory corporate action with options?
Answer: D
Explanation:
# Reference: FCA Handbook (Corporate Actions), CISI Wealth & Investment Management.
NEW QUESTION # 130
For a key person protection policy, a company will:
Answer: D
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 # 131
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