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Guide for PBC2023: Foundations of Responsible Banking

Quiz PBC2023: Foundations of Responsible Banking

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Quiz

1/10
Banks and Banking
A government economist is describing why a modern economy needs banks at all. Which statement best captures the core economic purpose of a bank?
Select the answer
1 correct answer
A.
To guarantee that every saver earns a positive real return on their money after inflation
B.
To act as an agent of the state, allocating credit according to government industrial policy
C.
To channel surplus funds from savers to borrowers, providing payment services and managing the associated risks
D.
To maximise shareholder returns by trading securities on its own account

Quiz

2/10
Responsible and Sustainable Banking
Which statement best describes what "responsible banking" means in practice for a UK retail bank?
Select the answer
1 correct answer
A.
Maximising short-term returns for shareholders while complying with the minimum legal requirements
B.
Restricting lending to charities, social enterprises and other not-for-profit organisations
C.
Running the business so that it delivers value to customers, society and the environment as well as to owners, and taking responsibility for the impacts of its lending and services
D.
Outsourcing sustainability judgements to third-party ESG rating agencies so the bank remains commercially neutral

Quiz

3/10
Bank Customers
Priya is 23, has just started her first salaried job, has a small student debt and no savings. Which combination of needs is a responsible adviser most likely to identify as her immediate priorities?
Select the answer
1 correct answer
A.
Equity release, an annuity and a whole-of-life policy
B.
A current account for salary and bills, the start of an emergency savings fund, and enrolment in the workplace pension
C.
A buy-to-let mortgage, a stocks and shares portfolio and a private medical plan
D.
A large personal loan, a packaged premium account and long-term care funding

Quiz

4/10
The Customer Experience
Which statement best describes what is meant by "customer experience" in a retail bank?
Select the answer
1 correct answer
A.
The single interaction that takes place when a customer opens an account
B.
The brand promise a bank sets out in its advertising and marketing materials
C.
The sum of all interactions a customer has with the bank and the perceptions and feelings those interactions create over the whole relationship
D.
The formal complaints record the bank maintains for each individual customer

Quiz

5/10
Financial Regulation
Which statement best explains the fundamental reason why financial services firms are subject to far more regulation than most other commercial businesses?
Select the answer
1 correct answer
A.
Banks are the only businesses that hold money belonging to other people, so theft is more likely than in other industries.
B.
Financial markets suffer from market failures and the collapse of a bank imposes costs on customers, taxpayers and the wider economy rather than only on its owners.
C.
Governments need a reliable source of fine income and financial firms are the most profitable sector available to them.
D.
Financial products are the only products that customers buy infrequently, which makes advertising rules necessary.

Quiz

6/10
Professional and Ethical Banking
Which of the following best describes what distinguishes a profession from other forms of paid occupation?
Select the answer
1 correct answer
A.
Any occupation in which staff are paid an annual salary rather than an hourly wage
B.
Any large employer that provides its staff with formal induction and technical training
C.
An occupation based on a specialist body of knowledge, with agreed standards of conduct, a duty to serve the public interest, and a professional body that sets and enforces those standards
D.
A group of workers represented by a recognised trade union that negotiates pay and conditions

Quiz

7/10
Banks and Banking
Which of the following best describes the process of financial intermediation carried out by a bank?
Select the answer
1 correct answer
A.
Accepting deposits from those with surplus funds and lending them to those with a funding need, taking the credit risk onto the bank's own balance sheet
B.
Introducing a saver directly to a borrower and charging an arrangement fee for the introduction
C.
Buying and selling foreign currency on behalf of corporate customers at a spread
D.
Distributing units in a collective investment scheme to retail investors

Quiz

8/10
Responsible and Sustainable Banking
A community group argues that a bank branch closure programme ignores the social purpose of banking. Which feature of banking most directly supports their argument?
Select the answer
1 correct answer
A.
Banks provide access to payments, savings and credit that individuals and small businesses need in order to participate in the economy
B.
Banks are legally constituted as public bodies and therefore owe a statutory duty to maintain physical premises
C.
Banks are funded entirely by taxpayers and must therefore serve every postcode equally
D.
Banks are prohibited from making commercial decisions that reduce their operating costs

Quiz

9/10
Bank Customers
A customer with a poor credit history and previous defaults asks to open an account so that his wages can be paid in. He has been declined for a standard current account. What should the bank normally offer?
Select the answer
1 correct answer
A.
A savings account only, because current account facilities require a clean credit file
B.
A packaged account with insurance benefits to offset the credit risk
C.
A joint account with a creditworthy relative as the only option available
D.
A basic bank account, which provides payment services without an overdraft facility

Quiz

10/10
The Customer Experience
A bank's board asks why it should invest significant sums in improving customer experience. Which is the strongest commercial justification?
Select the answer
1 correct answer
A.
UK regulators set a mandatory minimum Net Promoter Score that every bank must achieve
B.
Customers who consistently receive good experiences tend to stay longer, hold more products and recommend the bank, which raises lifetime value and reduces acquisition and complaint-handling costs
C.
Good customer experience allows a bank to reduce the regulatory capital it is required to hold
D.
Experience improvements are guaranteed to reduce total operating costs within the first financial year
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  • Quiz name:PBC2023: Foundations of Responsible Banking
  • Total number of questions:404
  • Number of questions for the test:50
  • Pass score:80%

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