Candidate Update

The CISI provides exam candidates with the very latest news and developments affecting exam syllabuses and learning materials, listed by programme.

Special Notice

Due to a systems error, between October 2012 and February 2017 the certificates issued for the CISI Level 3 Award for Introduction to Investment contained an incorrect Ofqual Qualification Accreditation Number (QAN). All certificates that were distributed within this period did not contain the correct QAN of 501/0782/3. Due to the historical nature of this error, the decision has been taken to reissue those certificates issued from 1 September 2016 to 28 February 2017 ONLY.

Those who received their certificate between 1 October 2012 and 31 August 2016 are still able to receive an updated certificate with the correct QAN and can request this, by contacting customersupport@cisi.org.

CBT Examinations Tutorial Guide

A tutorial, provided at the beginning of each exam, explains how computer based testing (CBT) works. It gives you the time and the opportunity, before your exam starts, to practise:

  • moving forwards and backwards through the questions
  • flagging any to which you wish to return, either for review or to answer later
  • using the calculator

If you require any further information or assistance please email the CISI Customer Support team or call them on +44 20 7645 0777.

Please select the relevant exam programme from the following tabs:

International and Stand-alone

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Applied Financial Advice and Management in English and Spanish V2

    Applied Financial Advice and Management in English and Spanish V2

    We are withdrawing both our Level 4 'Applied Financial Advice and Management in English and Spanish’ units on 30 November 2021. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team.

    28/05/2021 - 30/11/2021
    01/06/2021
    Testing
  • Fundamentals of Financial Services (Spanish) V4

    Fundamentals of Financial Services (Spanish) V4

    We are withdrawing our Level 2 ‘Fundamentals of Financial Services in Spanish' unit on 30 November 2021, the other language versions are unaffected by this withdrawal. Candidates affected by these changes have been sent communications with further explanations. If you have any questions, please contact our Customer Support Team.

    28/05/2021 - 30/11/2021
    01/06/2021
    Testing
  • International Certificate in Wealth & Investment Management V 5

    International Certificate in Wealth & Investment Management V 5

    The following updates have been made to your workbook edition.

    Chapter 1, Section 2.3 – the last table has been amended to read:



    Multiple choice question number 69 – the correct answer has been amended to: ‘B’

    Multiple choice question number 70 – the correct answer has been amended to ‘B’ and the answer explanation reads:

    The forward rate in one year’s time will be based on the spot rate adjusted by the relative interest rates. The formula = spot rate x (1 + quote currency interest rate/ 1 + base currency rate) so the forward rate = 1.25 x (1.015/1.010) = 1.2562.

    Multiple choice question number 72 – the correct answer has been amended to: ‘D’

    Multiple choice question number 88 – the correct answer has been amended to: ‘B’

    Multiple choice question number 89 and the corresponding answer have been replaced with the following:

    89. Which ONE of the following statements relates to the strong form of the Efficient Markets Hypothesis?

    A. Future share prices can be predicted using historical share price data

    B. Share prices reflect all available information known or knowable about the companies in question

    C. Privately available information is not instantly reflected in share prices

    D. Investors do not always process freely available information accurately

    Answer: B

    EMH has a number of key assumptions and the strong form purports that share prices reflect all available information known or knowable about the security in question.

    Answer reference:  Chapter 7, Section 1.2

    Chapter 4, Section 1.3.5 has been amended to read:

    1.3.5 China Trust

    Main Differences Between China and Western Trusts

    The development of Western trusts or international trusts (also known as ‘real trust’) has always followed the origin of trust business due to its long history, developed economic system, sound legal system and corporate governance structure. Its origin refers to a private legal agreement between settlor and trustee. The settlor and beneficiary are different individuals. This helps achieve the effect of asset isolation protection and wealth inheritance of the trust.

    China Trust, founded in 1979, is a special non-bank wealth management system, which constitutes the four pillars of China’s finance sector together with banking, insurance and securities. China’s trust has developed for a short time and is limited by the imperfect economic environment and legal system and the shortage of talents. Compared with the UK and the US, China’s trust has become a financing and financial tool. It is different from international trusts: the majority of China’s trusts are self-interest trusts. This means that the trustor and the beneficiary are one person.

    China’s trust plan is essentially an investment fund in nature. However, most of the funds raised by fund companies are mainly invested in standardised securities such as stocks, bonds and futures, while trust funds are usually invested in entity enterprises, which is equivalent to lending.

    Trust products in China can also be regarded as a kind of debt income. Investors invest in financing parties through trust projects issued by trust companies. Within the period specified in the contract, a trust company repays the principal and interest income to the investor. This is similar to some fixed income financial products of the bank.

    In 2019, the scale of entrusted assets in China’s trust industry ranked second only to banks, surpassing securities, and insurance.

    The main investment directions of China trust plan are:

    1. Government infrastructure construction (eg, urban construction and road construction)
    2. Real estate (eg, commercial real estate and affordable housing construction)
    3. Industrial and commercial enterprise financing loans (eg, financing loans of listed companies)

    These are also the most common types of trust projects in China. Three main examples of trust products in China are provided below.

    Real Estate Trust  



    Infrastructure Construction Trust



    Commercial Enterprise Trust


    02/03/2021 - 01/03/2023
    16/08/2021
    Testing
  • Risk in Financial Services (Spanish)

    Risk in Financial Services (Spanish) V7
    We are withdrawing our Level 3 "Risk in Financial Services in Spanish" unit on 10 November 2021, the English version is unaffected by this withdrawal. Candidates affected by these changes have been sent communications with further explanations. If you have any questions please contact our Customer Support Team.
    07/05/2021 - 10/11/2021
    07/05/2021
    Testing
  • Technology in Investment Management

    Technology in Investment Management V10
    07/10/2021 - 10/05/2022
    07/10/2021
    Testing

Level 3 IOC

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • UK Financial Regulation V28

    UK Financial Regulation V28

    The following update has been made to your workbook edition.

    Chapter 3, Section 9.1.1 – this text has been amended to read:

    New legislation available to the ICO has changed the approach to and understanding of data protection by firms. Tougher enforcement penalties have been introduced. There are two tiers of penalty that the ICO can impose – the higher maximum penalty and the standard maximum:

    • The higher maximum amount is £17.5 million or 4% of the total annual worldwide turnover in the preceding financial year, whichever is higher. In practice, the higher maximum amount can apply to any failure to comply with any of the data protection principles, any rights an individual may have or in relation to any transfers of data to third countries.

    • The standard maximum may be applied where there are infringements of other provisions, such as administrative requirements of the legislation. The standard maximum is £8.7 million or 2% of the total annual worldwide turnover in the preceding year, whichever is higher.

    Chapter 4, Section 3.1 – this text has been amended to read:

    The rules in COBS 4.1.1 apply to firms communicating with clients regarding their designated investment business. When communicating or approving a financial promotion, certain exemptions apply:

    • for qualifying credit, a home purchase plan or a home reversion plan

    • a promotion for a non-investment insurance contract

    • the promotion of an unregulated CIS (as per COBS 4.1.1(1)(c), firms are not permitted to communicate or approve such promotions), or

    • a financial promotion that relates to a credit agreement, a consumer hire agreement or a credit-related regulated activity.

    Chapter 4, Section 8.2.1 – this text has been amended to read:

    External reconciliations are intended to ensure the accuracy of a firm’s internal records and accounts and those of any third parties through whom those safe custody assets are held. External reconciliations should be carried out as often as necessary. CASS 7.15.22 of the FCA Handbook provides that external reconciliations should not allow more than one month to pass between each external client money reconciliation and should be performed as soon as reasonably practicable after the date to which the external client money reconciliation relates. If possible, someone who has not been involved in the production or maintenance of these records should do the appropriate reconciliation.

    Multiple Choice Question 8 – this text has been amended to read:

    8. Which of the following is not a specified investment under the Regulated Activities Order?

    A. National savings and investments (NS&I) certificates

    B. Trade bills, cheques and other bills of exchange

    C. Commodity futures for commercial purposes

    D. Open-ended investment company (OEIC) shares

    Q8. Answer: D Ref: Chapter 2, Section 1.2.1

    Commodity futures for commercial purposes, NS&I products and OEIC shares are part of the list of specified investments.

     

    01/04/2021 - 31/03/2022
    15/09/2021
    Testing
  • Risk in Financial Services (Spanish)

    Risk in Financial Services (Spanish) V7
    We are withdrawing our Level 3 "Risk in Financial Services in Spanish" unit on 10 November 2021, the English version is unaffected by this withdrawal. Candidates affected by these changes have been sent communications with further explanations. If you have any questions please contact our Customer Support Team.
    07/05/2021 - 10/11/2021
    07/05/2021
    Testing
  • Technology in Investment Management

    Technology in Investment Management V10
    07/10/2021 - 10/05/2022
    07/10/2021
    Testing
  • Derivatives V21

    Derivatives V21
    Derivatives Level 3 Certificates (Ed17)

    Derivatives Level 3 (Ed17) Chapter 8 Section 3.3 Example 4.

    Example 4 should read:

    Example 4 

    A fund manager has a portfolio of top UK equities, currently valued at £15,000,000. He hedges the portfolio by selling 250 FTSE index futures at 7230. The FTSE 100 cash index currently stands at 7785. A day later, the FTSE 100 index has fallen by 25 index points and the futures contract has fallen by 16 points. The outcome for the fund manager is as follows:

    1.            Unhedged equity portfolio value = £15,000,000

    2.            Physical portfolio value on Day 2:

    (7785-25)/7785  x  £15,000,000 =   £14,951,830

    3.            Change in value of physical portfolio =  £14,951,830 -   £15,000,000 =   -£48,170

    4.            Futures on Day 2:   7230 – 16 = 7214

    Futures profit = 250 x  (7230 – 7214) x £10 =   £40,000

    5.            Hedged portfolio value loss = Loss due to change in basis = £40,000 – £48,170 = –£8,170

     

    11/10/2021 - 10/10/2022
    05/10/2021
    Testing

Level 3 Certificates

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • UK Financial Regulation V28

    UK Financial Regulation V28

    The following update has been made to your workbook edition.

    Chapter 3, Section 9.1.1 – this text has been amended to read:

    New legislation available to the ICO has changed the approach to and understanding of data protection by firms. Tougher enforcement penalties have been introduced. There are two tiers of penalty that the ICO can impose – the higher maximum penalty and the standard maximum:

    • The higher maximum amount is £17.5 million or 4% of the total annual worldwide turnover in the preceding financial year, whichever is higher. In practice, the higher maximum amount can apply to any failure to comply with any of the data protection principles, any rights an individual may have or in relation to any transfers of data to third countries.

    • The standard maximum may be applied where there are infringements of other provisions, such as administrative requirements of the legislation. The standard maximum is £8.7 million or 2% of the total annual worldwide turnover in the preceding year, whichever is higher.

    Chapter 4, Section 3.1 – this text has been amended to read:

    The rules in COBS 4.1.1 apply to firms communicating with clients regarding their designated investment business. When communicating or approving a financial promotion, certain exemptions apply:

    • for qualifying credit, a home purchase plan or a home reversion plan

    • a promotion for a non-investment insurance contract

    • the promotion of an unregulated CIS (as per COBS 4.1.1(1)(c), firms are not permitted to communicate or approve such promotions), or

    • a financial promotion that relates to a credit agreement, a consumer hire agreement or a credit-related regulated activity.

    Chapter 4, Section 8.2.1 – this text has been amended to read:

    External reconciliations are intended to ensure the accuracy of a firm’s internal records and accounts and those of any third parties through whom those safe custody assets are held. External reconciliations should be carried out as often as necessary. CASS 7.15.22 of the FCA Handbook provides that external reconciliations should not allow more than one month to pass between each external client money reconciliation and should be performed as soon as reasonably practicable after the date to which the external client money reconciliation relates. If possible, someone who has not been involved in the production or maintenance of these records should do the appropriate reconciliation.

    Multiple Choice Question 8 – this text has been amended to read:

    8. Which of the following is not a specified investment under the Regulated Activities Order?

    A. National savings and investments (NS&I) certificates

    B. Trade bills, cheques and other bills of exchange

    C. Commodity futures for commercial purposes

    D. Open-ended investment company (OEIC) shares

    Q8. Answer: D Ref: Chapter 2, Section 1.2.1

    Commodity futures for commercial purposes, NS&I products and OEIC shares are part of the list of specified investments.

     

    01/04/2021 - 31/03/2022
    15/09/2021
    Testing
  • Securities (Capital Markets Programme) V 15

    Securities (Capital Markets Programme) V 15
    Chapter 2, section 3, page 35 - The final sentence of the example has been amended to read:
    ‘An investor holding $1,000 nominal of 3% Treasury Bond 2047 will receive a total coupon of $30 each year, split into two payments of $15 each on 15 May’.
    24/02/2020 - 21/03/2021
    24/02/2020
    Testing
  • Derivatives V21

    Derivatives V21
    Derivatives Level 3 Certificates (Ed17)

    Derivatives Level 3 (Ed17) Chapter 8 Section 3.3 Example 4.

    Example 4 should read:

    Example 4 

    A fund manager has a portfolio of top UK equities, currently valued at £15,000,000. He hedges the portfolio by selling 250 FTSE index futures at 7230. The FTSE 100 cash index currently stands at 7785. A day later, the FTSE 100 index has fallen by 25 index points and the futures contract has fallen by 16 points. The outcome for the fund manager is as follows:

    1.            Unhedged equity portfolio value = £15,000,000

    2.            Physical portfolio value on Day 2:

    (7785-25)/7785  x  £15,000,000 =   £14,951,830

    3.            Change in value of physical portfolio =  £14,951,830 -   £15,000,000 =   -£48,170

    4.            Futures on Day 2:   7230 – 16 = 7214

    Futures profit = 250 x  (7230 – 7214) x £10 =   £40,000

    5.            Hedged portfolio value loss = Loss due to change in basis = £40,000 – £48,170 = –£8,170

     

    11/10/2021 - 10/10/2022
    05/10/2021
    Testing

Publications & Elearning

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted

Qualifications Bulletin

The bulletin is a quarterly email sent to all interested parties to provide an update on key areas relating to qualifications.

You can view past bulletins below and if you would like to receive the bulletin regularly please login to My CISI and set your email preference to opt in.

Narrative

Please note: The summer 2021 narrative examinations will be based on the UK 2020/21 tax year.

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • Advanced Financial Planning V 1

    Advanced Financial Planning V 1
    Advanced Financial Planning update

    Edition 1 of the workbook will be extended for the 2nd September 2020 exam, the 2019-2020 tax tables information booklet will be given to candidates sitting in September. Edition 2 (with the 2020-2021 tax) will cover the March and September 2021 exams.
    04/03/2020 - 30/09/2021
    04/03/2020
    Testing
  • Regulation & Compliance V 7

    Regulation & Compliance V 7
    04/03/2020 - tbc
    04/03/2020
    Testing
  • Advanced Financial Planning V2

    Advanced Financial Planning V2
    Chapter 3 Section 7.5 (p.151)
    Text amended to read “Let’s assume that an individual wants to buy a car worth £20,000 and the interest rate is 3% pa.”

    Chapter 4 Section 1.2 (p.165)
    PPR exemption period amended from 18 months to 9 months.

    Chapter 4 Section 1.12 (pp.180-81)
    1.    Child Benefit 2020-2021 amended to £1,094.60
    2.    Child Benefit income tax charge (1% × £1,094.60 × 20) = £218.92

    Chapter 5 Section 2.2.4 (p.221)
    Formula amended to read:

    Solution
    Expected portfolio return = (0.4 × 10%) + (0.6 × 12%) = 11.2%
    Variance = (0.4)² x (0.08)² + (0.6)² x (0.1)² + (2 x 0.4 x 0.6 x 0.08 x 0.1) x 0.87
    = (0.16 x 0.0064) + (0.36 x 0.01) + 0.00384 x 0.87
    = 0.001024 + 0.0036 + 0.0033408
    = 0.0079648
    Standard deviation = √0.0079648
    = 0.08924
    09/04/2021 - tbc
    09/04/2021
    Testing
  • Level 6 Certificate in Private Client Investment Advice and Management V 4

    Level 6 Certificate in Private Client Investment Advice and Management V 4
    Holders of the Level 6 Certificate in Private Client Investment Advice & Management entering for the Applied Wealth Management examination in December 2019 could opt for a partial exemption. In view of independent review cycles for both these examinations, there are currently no plans to extend this exemption to subsequent examination sittings.

    Achievement of the Level 6 Certificate in Private Client Investment Advice & Management remains a valuable progression route to the Level 7 Diploma in Wealth Management (of which the Applied Wealth Management examination is a mandatory component).
    17/02/2020 - 31/12/2025
    17/02/2020
    Testing
  • Pension Transfers & Planning Advice V 1

    Pension Transfers & Planning Advice V 1
    16/05/2018 - 31/12/2025
    16/05/2018
    Testing
  • Applied Wealth Management V 5

    Applied Wealth Management V 5
    Applied Wealth Management Edition 5 Workbook

    Chapter 10, section 1.8.4

    The rules regarding dying intestate have been amended as below and differ from what appears in the Applied Wealth Management Edition 5 workbook.

    For the June 2018 exam, both what appears in the workbook and the new rules will be accepted.
    Married partners or civil partners inherit under the rules of intestacy only if they are actually married or in a civil partnership at the time of death. So if you are divorced or if your civil partnership has been legally ended, you can’t inherit under the rules of intestacy.
    Partners who separated informally can still inherit under the rules of intestacy. Cohabiting partners (sometimes wrongly called `common-law` partners) who were neither married nor in a civil partnership cannot inherit under the rules of intestacy.
    If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:
    • all the personal property and belongings of the person who has died, and
    • the first £250,000 of the estate, and
    • half of the remaining estate.
    If there are no surviving children, grandchildren or great-grandchildren, the partner will inherit:
    • all the personal property and belongings of the person who has died and
    • the whole of the estate with interest from the date of death.
    16/05/2018 - 31/12/2025
    16/05/2018
    Testing
  • Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a

    Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a
    Corporate Finance Strategy & Advice

    Please note the following change to the exam rubric for this paper applicable from the December 2013 sitting onwards.

    The December exam will start at 13:00 and candidates will receive both the Information Booklet and the Question Paper. They will not receive the Answer Book.

    At 13:55 Answer Books will be circulated, then from 14:00, once candidates have been instructed to do so, candidates may open their answer books and begin writing. They will then have 3 hours to complete the exam and will finish at 17:00.

    This change will be reflected on the examination paper as follows:
    Part 1: Time allowed: 1 Hour

    Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of company or sector to which it refers. No additional merit will be accorded to those candidates displaying such knowledge.
    Part 2: Time allowed: 3 Hours

    The Answer Book will be distributed at 1.55 pm and candidates should open and begin writing in the answer book when instructed at 2.00 pm.
    The syllabus has now been updated for 2014.
    02/09/2013 - ongoing
    17/10/2013
    Diploma in Corporate Finance: Corporate Finance Strategy & Advice V 1a
    Corporate Finance Strategy & Advice

    Please note the following change to the exam rubric for this paper applicable from the December 2013 sitting onwards.

    The December exam will start at 13:00 and candidates will receive both the Information Booklet and the Question Paper. They will not receive the Answer Book.

    At 13:55 Answer Books will be circulated, then from 14:00, once candidates have been instructed to do so, candidates may open their answer books and begin writing. They will then have 3 hours to complete the exam and will finish at 17:00.

    This change will be reflected on the examination paper as follows:
    Part 1: Time allowed: 1 Hour

    Candidates will be provided with an Information Booklet and the examination question paper. Candidates have one hour in which to review the information booklet and questions. During this time, candidates may annotate the information book. The examination has been prepared on the assumption that candidates will not have any detailed knowledge of the type of company or sector to which it refers. No additional merit will be accorded to those candidates displaying such knowledge.
    Part 2: Time allowed: 3 Hours

    The Answer Book will be distributed at 1.55 pm and candidates should open and begin writing in the answer book when instructed at 2.00 pm.
    The syllabus has now been updated for 2014.
    02/09/2013 - ongoing
    17/10/2013
    Testing
  • Diploma in Corporate Finance: Corporate Finance Techniques & Theory V 1a

    Diploma in Corporate Finance: Corporate Finance Techniques & Theory V 1a
    Corporate Finance Techniques & Theory

    Please note the following change to the examination rubric for this paper applicable from the December 2013 sitting onwards.
    There has been an adjustment to the number of question options between the June 2013 sitting and the December 2013 sitting. For the December 2013 Sitting paper onwards:
    SECTION A – FIVE questions in this section are to be answered (Same as June 2013)
    SECTION B – BOTH questions in this section are to be answered (rather than TWO out of THREE Questions)
    The syllabus has now been updated for 2014.
    02/09/2013 - ongoing
    17/10/2013
    Testing

Level 4 Investment Advice Diploma

Exam Name & Syllabus version
Update/Development
Action Effective From/To
Date Posted
  • UK Regulation & Professional Integrity V13

    UK Regulation & Professional Integrity V13
    The following update has been made to your workbook edition.

    Chapter 2, Section 2.5 – this text has been amended to read:

    The basic state pension from April 2020 will be £134.25, while those receiving the full flat rate introduced in 2016 will see their pension increased to £175.20. In addition, there was the announcement of a guarantee on annual rises which means that they will rise by whatever is the highest of price inflation, average earnings growth or 2.5% – often called the ‘triple lock’.
    The individual’s starting amount will be the higher of either:
    •    the amount they would get under the old state pension rules (which includes basic state pension and additional state pension), or
    •    the amount they would get if the new state pension had been in place at the start of their working life.

    If the Individual’s Starting Amount is Less than the Full New State Pension
    The individual can get more state pension by adding more qualifying years to their NI record after 5 April 2016. They can do this until they reach the full new state pension amount or reach state pension age – whichever is first.
    The amount of an individual’s state pension will be calculated entirely under the new state pension rules – meaning that they will need at least ten qualifying years on their NI record to get any state pension. They will also need 35 qualifying years to get the full new state pension.
    They will get a proportion of the new state pension if they have between ten and 35 qualifying years.
    The age at which the state pension will be payable has changed. From December 2018, the state pension age for both men and women has increased and will reach 66 by April 2020. There are plans to increase the age to 67 by 2028, however this is being kept under review by the UK Government and may change in the future.


    Chapter 5, Section 1.12 – this text has been amended to read:

    The FPC makes recommendations and gives directions to the PRA on specific actions that should be taken in order to achieve its objectives. The PRA is responsible for implementing FPC recommendations on a ‘comply or explain’ basis, and for complying with the FPC’s directions in relation to the use of macro-prudential tools, specified by HMT legislation. The PRA reports to the FPC on its delivery of these recommendations and directions.


    Multiple Choice Question 20 – this text has been amended to read:

    20. Which of the following is true about the Remuneration Code, which applies to both PRA and FCA regulated firms?
    A. It applies to UK branches of EEA firms
    B. It apples to UK branches of non-EEA firms
    C. Overseas subsidiaries and branches of a UK bank are not in scope and would not need to comply with the Renumeration Code
    D. Principle 5 (Control Functions) does not apply to overseas branches of a UK bank

    Q20. Answer: B Ref: Chapter 6, Section 5
    Option B is correct as the Code will apply to UK branches of firms who would otherwise be caught (if they were domiciled in the UK) but whose home state is outside the EEA. UK branches of EEA firms are not in scope, the home state would be responsible for the setting of a Remuneration Code. Overseas subsidiaries and branches of UK firms are in scope and Principle 5 applies to any firm for which is subject to the Remuneration Code.


    Multiple Choice Question 23 – this text has been amended to read:

    23. The FCA interacts with a number of other bodies. In terms of its relationship with the Financial Ombudsman Service (FOS), which of the following is TRUE?
    A. FSMA 2000 directed the FCA to create an independent body to oversee complaints against the FCA and to set compensation levels for investors
    B. The FOS can award unlimited costs against a firm as a result of a complaint
    C. The board members of the FOS are appointed by the FCA but they remain independent
    D. The FCA oversees and reviews the outcomes of the FOS where compensation is awarded against firms

    Multiple Choice Question 16 – this text has been amended to read:

    Q16. Answer: D Ref: Chapter 7, Section 4.2.3, 4.3 & 4.4
    With the introduction of the SM&CR to FCA solo-regulated firms (which includes asset managers), option D is the correct answer. Only Thomas will be performing a Senior Management Function role, Sandra and Wendy will be certified individuals. Bill’s role is not classed as being subject to the Senior Managers Regime or the certification regime, therefore he will be subject to just the Conduct Rules.

    Multiple Choice Question 63 – this text has been amended to read:

    63. Under the UK Market Abuse Regulation (UK MAR), to be found guilty of insider dealing, a person must be in possession of ‘inside information’ and either attempt to or deal on that information and/or encourage others to deal.

    Which of the following financial instruments would an individual, with inside knowledge, be found guilty of insider dealing if they carried out a transaction in that instrument?

    A. Units in an unregulated unit trust

    B. Foreign exchange spot contract

    C. Security listed on the New York Stock Exchange (NYSE)

    D. A six-month exchange traded wheat option contract

    Q63. Answer: D Ref: Chapter 8, Section 2.2

    Option D is correct as it is a MiFID financial instrument and can be traded on a trading venue. Although option A is a MiFID financial instrument it cannot be traded on trading venue. Option C is out of scope on the basis that it is not traded on either a UK or EU trading venue. With regards to option B, it is incorrect as FX spot contracts are out of scope as they are not deemed to be a MiFID financial instrument.

    12/03/2021 - 11/03/2022
    10/09/2021
    Testing
  • Financial Planning & Advice V5

    Financial Planning & Advice V5
    For the next version of the FPA exam, we are changing the style of examination. Instead of candidates for FPA seeing Case Studies, Multiple Response and Multiple-Choice questions, we will be changing the question style to Multiple-Choice only, which is in line with our usual style of questioning for our other Computer Based Exams. The new style exam will be available from 1 October 2021. This will mean the FPA exam will be a 2-hour exam with only Multiple-Choice Questions from the next version, which is in line with our other IAD exams.
    01/10/2021
    25/03/2021
    Testing
  • Securities (Investment Advice Diploma) V11

    Securities (Investment Advice Diploma) V11
    Chapter 3 Section 3.6.3 (p.167)

    Text amended to read “Corporate, municipal and other fixed-income trades settle at T+2

    07/06/2021 - 31/12/2021
    07/06/2021
    Testing
  • Investment, Risk & Taxation V 11

    Investment, Risk & Taxation V 11
    Investment, Risk & Taxation Edition 11, Chapter 4, Section 6.3, P292

    The bullet point ‘statutory legacy of £250,000 which is index-linked’ has been amended to read as follows:

    ‘‘statutory legacy of £270,000 which is index-linked’’
    18/11/2020 - 30/10/2021
    18/11/2020
    Testing