Full Transcript
https://www.youtube.com/watch?v=d0M8gm-5Zc8
[00:03] Task 1.
[00:04] Task 1 talks about demonstrating an understanding of the phase act.
[00:07] Understanding of the phase act as a regulatory framework.
[00:13] Task 1 has 4 qualifying criteria.
[00:17] Task 1 has 4 qualifying criteria.
[00:20] Let's look at task one qualifying criteria three.
[00:22] Criteria three apply knowledge of the financial products within the financial services environment.
[00:26] Products within the financial services environment.
[00:28] In a previous video we discussed different financial products that a rep can come across under the phase act.
[00:34] These range from shares and debentures to bank deposits and foreign financial instruments and products to health service benefits and pension funds.
[00:50] We also looked at the different types of licensed categories from which financial products are classified.
[00:58] In this video we will go through questions to test if you can apply the knowledge acquired.
[01:04] knowledge acquired on those financial products.
[01:10] true or false?
[01:13] true or false the following statement is an example of
[01:16] an intermediary service.
[01:19] dinero signs a debit order with her bank for an insurance policy to cover her car.
[01:29] the insurance policy is not with a bank but another insurer.
[01:33] her bank simply collects the premiums and passes them over to the insurer.
[01:38] the service by her bank can be considered an intermediary service.
[01:44] false denials bank provides a platform through which payments can be made by dinero to her insurer.
[01:56] this is not an intermediary service.
[02:01] which statement is incorrect and does not describe the intermediary service?
[02:06] not describe the intermediary service within the phase act.
[02:10] one intermediary service.
[02:13] one intermediary service only relates to factual information.
[02:16] only relates to factual information given by representative.
[02:17] given by representative to a client with regards to financial.
[02:20] to a client with regards to financial product.
[02:24] incorrect.
[02:28] or two intermediary service.
[02:31] or two intermediary service means an activity either than giving of.
[02:34] means an activity either than giving of advice that is performed by a person.
[02:37] advice that is performed by a person for or on behalf of a client or product.
[02:40] for or on behalf of a client or product supplier.
[02:44] correct.
[02:48] which of the following are correct about.
[02:50] which of the following are correct about categories and sub-categories.
[02:53] categories and sub-categories of financial products under the phase.
[02:55] of financial products under the phase act.
[03:00] category 2 all persons authorized as.
[03:03] category 2 all persons authorized as discretionary fsps.
[03:08] yes.
[03:11] category 3 all persons authorized as category 3 all persons authorized as assistance business fsps.
[03:19] assistance business fsps no category 4.
[03:24] no category 4 all persons authorized as administrative fsps no.
[03:34] all persons authorized as administrative.
[03:37] all persons authorized as administrative fsps.
[03:38] fsps are in category 3.
[03:44] indicates which of the following sectors.
[03:47] indicates which of the following sectors for under financial services.
[03:49] for under financial services as defined in the phase act.
[03:52] as defined in the phase act what about long-term insurance.
[03:58] yes what about.
[04:01] yes what about collective investments.
[04:05] yes what about.
[04:09] yes what about banks
[04:12] yes
[04:15] yes what about postal services
[04:19] what about postal services no however
[04:22] no however please note that this would be a different answer if the postal services
[04:26] different answer if the postal services extended into financial services such as selling insurance policies
[04:31] selling insurance policies or collecting premiums on behalf of an insurance company
[04:34] or collecting premiums on behalf of an insurance company
[04:40] indicate whether the following are part of the definition
[04:42] indicate whether the following are part of the definition of financial services as indicated in the phase act
[04:46] of financial services as indicated in the phase act
[04:49] what about rendering of early intermediary services
[04:52] what about rendering of early intermediary services
[04:56] intermediary services yes what about providing only advice
[05:00] yes what about
[05:04] yes what about providing both advice and rendering an
[05:08] yes what about providing both advice and rendering an
[05:10] providing both advice and rendering an intermediary service.
[05:14] yes all these are financial services.
[05:19] yes all these are financial services an applicant can apply for advice only.
[05:22] an applicant can apply for advice only or can apply for intermediary services.
[05:24] or can apply for intermediary services only.
[05:25] only or for both advice and intermediary.
[05:28] or for both advice and intermediary services.
[05:33] indicates which of the following are.
[05:35] indicates which of the following are examples of financial products.
[05:37] examples of financial products under the fees act.
[05:40] what about deposits?
[05:45] yes what about.
[05:49] yes what about cell phone insurance?
[05:53] cell phone insurance yes.
[05:56] what about loans?
[06:00] no learns for outside the scope of the.
[06:04] no learns for outside the scope of the phase act.
[06:05] phase act they are covered by the national credit.
[06:07] they are covered by the national credit act these.
[06:08] act these also include bonds on properties.
[06:13] what about unit trusts
[06:18] yes
[06:21] the phase act states that a client must
[06:24] the phase act states that a client must be offered a product
[06:25] be offered a product that matches his or her specific needs
[06:29] that matches his or her specific needs choose one statement that best describes
[06:31] choose one statement that best describes what needs to be considered
[06:35] what needs to be considered what about establishing the amount of
[06:38] what about establishing the amount of additional income the client has
[06:40] additional income the client has to meet her financial goals
[06:45] no what about
[06:48] no what about establishing the client's objective
[06:51] establishing the client's objective financial background
[06:53] financial background and financial knowledge and experience
[07:00] yes
[07:04] when can a policy be regarded as invalid
[07:07] when can a policy be regarded as invalid under the phase act
[07:10] what about when the client is registered
[07:13] what about when the client is registered as a policy holder
[07:15] as a policy holder on the insurer's database
[07:19] no this is no reason for a policy to be
[07:23] no this is no reason for a policy to be invalid
[07:25] invalid what about when the fsp or insurer
[07:28] what about when the fsp or insurer that is underwriting the policy does not
[07:31] that is underwriting the policy does not have a license from the fsca
[07:33] have a license from the fsca to do so yes
[07:38] to do so yes this means that the policy cannot be
[07:40] this means that the policy cannot be enforced in law
[07:42] enforced in law what about when the client has not read
[07:45] what about when the client has not read their policy summary
[07:46] their policy summary and the details within the policy to
[07:49] and the details within the policy to check if they are correct
[07:53] no the client has the responsibility
[07:56] no the client has the responsibility to read the policy document and make
[07:59] to read the policy document and make sure it has the correct
[08:00] sure it has the correct details
[08:06] which of the following actions can be
[08:08] which of the following actions can be regarded as rendering a financial
[08:10] regarded as rendering a financial service
[08:11] service to clients what about
[08:15] to clients what about handing out brochures and explaining
[08:17] handing out brochures and explaining factual information about products
[08:19] factual information about products to clients
[08:24] no
[08:27] no what about updating policy details of
[08:30] what about updating policy details of clients
[08:31] clients such as the risk address or makeup
[08:34] such as the risk address or makeup vehicle
[08:38] yes what about
[08:41] yes what about sharing own opinion about financial
[08:43] sharing own opinion about financial products to clients
[08:44] products to clients and recommending some
[08:52] yes
[08:54] yes which of the following products are
[08:56] which of the following products are governed by the phase act
[09:00] what about short-term insurance policies
[09:06] yes
[09:10] what about collective investment schemes
[09:17] Yes, what about?
[09:21] Yes, what about wills and testaments?
[09:25] No, what about?
[09:28] No, what about fixed deposits?
[09:32] Yes, these are long-term deposits.
[09:40] What are the two main requirements of?
[09:42] What are the two main requirements of giving advice to clients?
[09:45] Giving advice to clients, what about keeping a record of advice?
[09:48] What about keeping a record of advice and updating client details?
[09:52] No.
[09:55] What about establishing the suitability?
[09:59] What about establishing the suitability of products?
[10:00] Of products and keeping a record of advice?
[10:04] And keeping a record of advice, yes, what about?
[10:08] Yes, what about keeping a record of advice and making?
[10:10] Keeping a record of advice and making sure the FIC Act requirements?
[10:13] Sure the FIC Act requirements are met?
[10:17] No.
[10:21] true or false the following are examples
[10:25] true or false the following are examples of a financial product
[10:26] of a financial product in terms of the phase act what about
[10:31] in terms of the phase act what about shares and debentures
[10:35] true what about
[10:39] true what about health service benefits
[10:42] true what about
[10:46] true what about property
[10:50] false what about
[10:54] false what about life insurance
[10:58] true
[11:01] true we hope you enjoyed the video and learnt
[11:04] we hope you enjoyed the video and learnt a lot
[11:05] a lot please make sure to check out our other
[11:07] please make sure to check out our other ori videos
[11:33] you