CII R01 Cheat Sheet 2026

The 30 highest-yield CII R01 facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is the purpose of the FCA's Perimeter Guidance Manual (PERG)? → To help firms determine whether their activities are regulated
2. When did the Senior Managers and Certification Regime (SM&CR) first come into effect for banks and major investment firms? → January 2016
3. What does 'vulnerable customer' mean in FCA guidance? → A customer who is at greater risk of harm due to personal circumstances
4. What does the acronym SM&CR stand for in UK financial services regulation? → Senior Managers and Certification Regime
5. Under the SM&CR, what is a 'Statement of Responsibilities'? → A document setting out what each senior manager is responsible and accountable for
6. How many Principles for Businesses does the FCA set out? → 12
7. What is the purpose of a firm's AML risk assessment? → To identify and assess the money laundering and terrorist financing risks facing the firm
8. What is 'smurfing' in money laundering? → Breaking large amounts of cash into smaller deposits below reporting thresholds
9. What is the FCA's primary source of funding? → Fees and levies charged to authorised firms
10. What is a 'suitability report' in the context of financial advice? → A document explaining why a personal recommendation is suitable for the client
11. What is the Financial Ombudsman Service (FOS)? → An independent body that resolves disputes between consumers and financial firms
12. Under SM&CR, which category applies to firms with the most complex structures and highest potential market impact? → Enhanced firms
13. What is the FCA's approach to consumer credit regulation? → The FCA regulates consumer credit under FSMA, having taken over from the OFT in 2014
14. Which legislation established the current UK regulatory framework that created the FCA? → Financial Services Act 2012
15. Under FCA rules, what is a 'regulated activity'? → An activity specified in the Regulated Activities Order that requires FCA authorisation
16. What is the FCA's expectation regarding complaints procedures and vulnerable customers? → Firms should have flexible procedures that accommodate the needs of vulnerable customers
17. What is the purpose of the FCA's financial promotions rules? → To ensure that financial promotions are fair, clear and not misleading
18. When was SM&CR extended to cover all FCA solo-regulated firms, completing its sector-wide rollout? → December 2019
19. What is the 'all-crimes' approach to money laundering in the UK? → Any crime that produces proceeds can constitute a predicate offence for money laundering
20. What is the role of the Office for Professional Body Anti-Money Laundering Supervision (OPBAS)? → To oversee and ensure consistency of AML supervision by professional body supervisors
21. What is the role of the Upper Tribunal (Tax and Chancery Chamber) in financial regulation? → It hears references and appeals against certain FCA and PRA regulatory decisions
22. What is the International Organization of Securities Commissions (IOSCO)? → The global standard-setter for securities markets regulation, of which the FCA is a member
23. How frequently must firms certify the fitness and propriety of employees under the Certification Regime? → At least annually
24. Under FCA rules, what does the term 'approved person' refer to? → A person approved by the FCA to perform a controlled function
25. What is the role of the Money and Pensions Service (MaPS)? → To provide free, impartial money and pensions guidance to the public
26. What is the FCA's Regulatory Sandbox? → A controlled environment where firms can test innovative products with real consumers
27. Which of the following activities requires FCA authorisation? → Advising on investments as a regulated activity
28. What is 'churning' in the context of financial services consumer protection? → Excessive trading in a client's account to generate commission for the adviser
29. What is a 'Variation of Permission' (VoP) in FCA regulation? → A change to a firm's Part 4A permission to add or remove regulated activities
30. What are the main money laundering offences under the Proceeds of Crime Act 2002? → Concealing, arranging, and acquiring/using/possessing criminal property