Every licensed financial adviser which receives any

55. Every licensed financial adviser which receives any insurance moneys shall establish and
maintain a separate account with a _________for its life insurance broking premiums.
A. bank
B. trust company
C. finance company
D. reinsurance company
C4/2.15/24
56. Peter, your client is assessed as not possessing the knowledge or experience to invest in
unlisted Specified Investment Product (SIP), nevertheless chooses to transact in the SIP.
Which one of the following statements is false?
Financial adviser has to inform the client in writing:
C4/2.18/37(b)
57. When recommending on a life policy, a financial adviser does not need to provide his client
with a copy of the:

Module 5
C5/5.1/9(a)(ii)
58. Which one of the CMFAS Examinations will apply to an individual advising on and/or
marketing Collective Investment Schemes?
Centre For Excellence
13
Strictly for internal use only. Based on 5
th
Edition Text. (1 July 2020)
59. An appointed representative of a financial adviser is required to satisfy minimum entry
requirements. Which of the following is Not correct in respect of the requirements?
A. Be at least 18 years old
B. Satisfy the criteria as stipulated by the MAS.
C. Examination criteria as set out in MAS Notice FAA-N13.
D. Fit and proper criteria as set out in MAS Guideline No: FSG-G01
C6/14.1/8.2(a)(vi)
60. Which one of the following customers requires an inquiry into its beneficial owner in relation to
a customer under the FAA?
C6/6/6.19 & 6.20
61. A financial adviser is required to monitor, on an ongoing basis, its business relation with its
customers. Which one of the following is NOT required of the financial adviser?