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CPD - Financial Services
Exam
This online package is designed
for qualified actuaries.
It enables you to study for an online exam and
gain up to 6 hours of verifiable CPD.
If you have qualified in the
last 2-3 years, and passed a UK Practice Module
test while doing so, then we are sorry but you
are not eligible to earn CPD hours for this
study package.
If
you buy this package you will receive
- a copy of the study material
for this exam, sent in the post to either
your home or your work address.
- an email containing a username
and password, which will give you access to
an online testing system. Access to the tests
will expire after 12 months.
There
are 4 progress tests, which test understanding
of material in each of the four quarters of
the course, and there are 2 full-course tests.
The confidential
results of any tests that you have
attempted are not shared with any other party,
and the objective is to score at least 18 out
of 25 on the first full-course test to demonstrate
understanding of the material. When this is
achieved, you will be able to register the number
of hours that you spent studying the material
in your personal CPD record on the Profession's
website (a figure of about 6 hours is expected).
A significant part of the course material relates
to professionalism issues, and as such a substantial
proportion of the hours earned could be classed
as "professionalism skills". However,
the material is generic in nature and cannot
be classed as "relating to a subject area".
For your records, ActEd will send out a certificate
confirming your success. A second
full-course test is available if a sufficient
score is not obtained on the first attempt.
Ordering
If you would like to order
this package, please use the fax
order form. The full cost of the product
is £60 + VAT.
When you have completed a form we will send
you a copy of the study material and a username
and password for access to the online multi-choice
system.
The study material
The material is of a general
nature and covers the following subject areas:
Chapter 1 - the functions of the major financial
institutions in the UK
Chapter 2 - the features of insurance contracts
sold in the UK
Chapter 3 - the factors influencing the investment
strategy of an institution
Chapter 4 - liability characteristics of institutions
Chapter 5 - designing investment strategy for
individuals
Chapter 6 - the most common investments for
individuals in the UK
Chapter 7 - the main regulatory bodies in the
UK
Chapter 8 - investment advice under the FMSA
2000
Chapter 9 - regulation of financial services
in the UK, including actuarial firms
Chapter 10 - consumer protection and handing
complaints within the profession
Chapter 11 - the profession's recommended good
business practice standards
Chapter 12 - other regulations including data
protection etc.
Chapter 13 - professionalism and CPD
Chapter 14 - the professional conduct standards
of the actuarial profession
In total, the material is
about 150 pages in length, much of which will
be familiar to you in your day-to-day work,
and some of which may be new and informative.
What types of question are included in the multi-choice
exam?
All of the questions relate
to the study material. Three examples are given
below:
Q1: Which of the following
would NOT be included in the Statement of Funding
Principles (SFP) of a pension scheme?
A
the ownership of surplus assets should they
arise in the scheme
B any
discretionary powers to increase benefits in
the scheme
C the
period over which the trustees aim to make good
any shortfall
D the
interval at which the trustees will obtain actuarial
valuations
Answer: A
Explanation:
The ownership of surplus
assets would be determined by the courts in
the event of a wind up.
..........................................................................................................................................
Q2: Which of the following statements
are correct? Data are covered under the Data
Protection Act 1998 if:
I it is held only in non-paper
form, eg on a computer database
II it is possible to identify the individual
from an item of information held
III irrespective of whether the information
relates to a large or small business entity.
A
I only
B I and
II only
C II
only
D II
and III only
Answer: C
Explanation:
The only business entities
affected are sole traders where the business
information might also be personal information.
..........................................................................................................................................
Q3:
What is the
function of the Board for Actuarial Standards
(BAS)?
A
To oversee education and professional standards
B
To take responsibility for the Profession's
technical Guidance Notes
C
To oversee the disciplinary scheme for actuaries
D
To act as an oversight body for the FRC and
the POB
Answer: B
Explanation:
The Professional
Oversight Board POB (rather than the BAS) oversees
educational, professional and ethical standards
as well as overseeing the disciplinary scheme.
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