UK financial regulation (FCA & MCOB)
47 practice questions with explanations — 15 free to try
PassNova has 47 CeMAP — Mortgage Advice practice questions on UK financial regulation (FCA & MCOB), each with a clear explanation. A 15-question taster is free with no sign-up; the full bank is part of PassNova Premium. Updated for 2026.
UK financial regulation (FCA & MCOB): example questions & answers
2 worked examples with answers and explanations below. Try 15 CeMAP — Mortgage Advice questions free in the browser; the full 47-question UK financial regulation (FCA & MCOB) bank is part of PassNova Premium.
Which body is the statutory regulator responsible for the conduct of firms providing regulated mortgage advice in the UK?
- AThe Prudential Regulation Authority (PRA)
- BThe Financial Conduct Authority (FCA)✓
- CThe Financial Ombudsman Service (FOS)
- DThe Bank of England
Answer: The FCA is the conduct regulator for retail financial services, including regulated mortgage advice. The PRA prudentially regulates larger firms, while the FOS resolves complaints rather than supervising conduct.
Which FCA sourcebook sets out the detailed conduct rules for firms carrying out regulated mortgage activities?
- ACOBS (Conduct of Business Sourcebook)
- BMCOB (Mortgages and Home Finance: Conduct of Business)✓
- CICOBS (Insurance Conduct of Business Sourcebook)
- DSYSC (Senior Management Arrangements, Systems and Controls)
Answer: MCOB contains the conduct rules specific to regulated mortgage contracts and home finance. COBS covers investments and ICOBS covers general insurance.