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ICWIM Valid Test Materials & ICWIM Exam Pattern

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q87-Q92):

NEW QUESTION # 87
The first stage in the investment planning process is to:

A. Establish a relationship with the client
B. Provide the client with information
C. Create an action plan
D. Gather in client data

Answer: A

Explanation:
The investment planning process begins by establishing the relationship with the client. This initial stage sets the foundation for everything that follows by clarifying the scope of services, the respective responsibilities of client and adviser, how the adviser is paid, the regulatory status of the adviser, and what information will be required. It also establishes expectations around communication, confidentiality, and ongoing review. Only once the relationship is defined can the adviser conduct an effective fact find, because the client needs to understand why information is being requested and how it will be used to support suitability. Providing product information and creating an action plan occur later, after objectives, constraints, and risk parameters have been established. Gathering client data is crucial, but it logically follows the relationship stage, because the adviser must first agree the engagement and obtain the client's consent to collect and process personal and financial information. CISI exam questions typically test the sequencing: define the engagement first, then gather data, analyse, recommend, implement, and review.

NEW QUESTION # 88
Which of the following issues is at the heart of fiduciary relationships with clients?

A. Service
B. Commission
C. Risk
D. Suitability

Answer: D

Explanation:
A fiduciary duty requires financial professionals to act in the best interest of their clients. Suitability is central to this duty.
* Why is Option D Correct?
* Firms must ensure that recommendations align with the client's risk tolerance, goals, and financial situation.
* FCA rules require advisers to demonstrate suitability before making recommendations.
* Why Not Other Options?
* A (Commission) # Fee structures matter, but fiduciary duty prioritizes suitability.
* B (Risk) # Important, but suitability includes risk profiling.
* C (Service) # Good service is necessary, but suitability is a regulatory requirement.
# Reference: FCA Handbook (Suitability Rules), CISI Wealth & Investment Management.

NEW QUESTION # 89
Who is responsible for developing international standards for combating terrorist financing?

A. Wolfsberg Group of Banks
B. United Nations
C. Financial Action Task Force
D. Financial Conduct Authority

Answer: C

Explanation:
International standards for combating money laundering and terrorist financing are developed by the Financial Action Task Force. The FATF sets globally recognised recommendations that form the foundation for national legislation, regulatory rules, and supervisory expectations. These standards cover areas such as risk- based customer due diligence, beneficial ownership transparency, suspicious activity reporting, sanctions screening, and international cooperation. While individual national regulators such as the Financial Conduct Authority enforce domestic rules and supervise firms, they do not set the global benchmark framework. The United Nations plays a major role in sanctions regimes and conventions that member states implement, but the detailed technical standards and evaluation methodology that countries are assessed against are associated with the FATF. The Wolfsberg Group issues industry guidance and best-practice principles for banks, which can be influential, but it is not the global standard-setter. CISI exams typically test the distinction between standard-setting at an international level and implementation and supervision at national level. The organisation most directly responsible for international standards in this area is the Financial Action Task Force.

NEW QUESTION # 90
Unsecured negotiable bearer securities that are issued by companies with a full stock market listing are known as:

A. Treasury Bills
B. Commercial Paper
C. Bills of Exchange
D. Certificates of Deposit

Answer: B

Explanation:
Commercial Paper (CP) is a short-term, unsecured debt instrument issued by large, creditworthy corporations to finance short-term liabilities.
* Why is Option B Correct?
* CP is negotiable (can be sold on secondary markets).
* It is unsecured (not backed by assets).
* Maturity ranges from 1 day to 270 days.
* Why Not Other Options?
* A (Certificates of Deposit) # Issued by banks, not corporations.
* C (Bills of Exchange) # Used for trade finance, not corporate funding.
* D (Treasury Bills) # Issued by governments, not companies.
# Reference: Bank of England (Commercial Paper Market), CISI Wealth & Investment Management.

NEW QUESTION # 91
For what reason is holding bearer shares potentially disadvantageous?

A. Because it is not possible to sell part of the holding
B. They are more difficult to value
C. Investors prefer not being publicly named on a share register
D. The loss of the certificate might equal loss of the person's investment

Answer: D

Explanation:
Bearer shares are physical certificates that grant ownership, and the rights to those shares are with the bearer.
If the certificate is lost or stolen, the investment could effectively be unrecoverable since ownership cannot be traced back to the investor.
* Not being publicly named (A): This is an advantage of bearer shares, not a disadvantage.
* Difficulty in valuation (C): Bearer shares' value is similar to registered shares based on market conditions.
* Impossible to sell part (D): Fractional transactions can still occur with bearer shares.
References:
* International Certificate in Wealth & Investment Management: Risks associated with different forms of equity ownership.
* Legal frameworks around bearer shares and their potential misuse in financial systems.

NEW QUESTION # 92
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