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Consumer Protection Flashcards

6 cards from real CII R01 practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Consumer Protection flashcards as text

  1. What is a 'product intervention' by the FCA?

    Answer: The FCA using its powers to restrict or ban a financial product to prevent consumer harm

    Product intervention powers allow the FCA to restrict or ban financial products or practices that it considers harmful to consumers, even before harm has occurred.

  2. What protection exists for consumers who buy financial products online?

    Answer: The Consumer Contracts Regulations provide additional cancellation rights for distance contracts

    The Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 provide additional protections for distance contracts, including a 14-day cancellation right.

  3. What is 'best execution' in the context of consumer protection?

    Answer: Taking all sufficient steps to obtain the best possible result for the client when executing orders

    Best execution requires firms to take all sufficient steps to obtain the best possible result for clients when executing orders, considering factors such as price, costs, speed, and likelihood of execution.

  4. What is the role of the Money and Pensions Service (MaPS)?

    Answer: To provide free, impartial money and pensions guidance to the public

    MaPS is an arm's-length body of the Department for Work and Pensions that provides free, impartial guidance on money and pensions matters to the public, including the MoneyHelper service.

  5. What is 'Pension Wise'?

    Answer: A free, impartial government guidance service for people aged 50+ with defined contribution pensions

    Pension Wise (now part of MoneyHelper) is a free, impartial guidance service that helps people aged 50 and over understand their defined contribution pension options.

  6. What is a 'decency standard' in the context of debt collection?

    Answer: Requirements for firms to treat debtors fairly and with forbearance, avoiding aggressive practices

    The FCA requires firms involved in debt collection to treat customers fairly and with forbearance, avoiding aggressive or oppressive practices. This includes considering customers' circumstances and ability to pay.

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Sources & references

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  1. media.umbraco.io — Exam information · verified Oct 2026
  2. cii.co.uk — Exam format, passing score, test dates, time limit, score validity, test delivery, eligibility, score release, exam information · verified Oct 2026