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Review Your SQE 1 Practice Records

Examination Timing: 00H01M16S

Rachel Brown is a partner in the private client department of a global commercial firm. She is advising Mr. Thompson, a high net worth individual, who seeks to protect his assets and plan for the future. Rachel's firm is not authorised by the Financial Conduct Authority. 


Which of the following best describes which assets constitute investments under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ("the RAO" or "the Regulated Activities Order")?

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Under the RAO, bank and building society deposits are specified investments, but it is primarily the acceptance of deposits that is regulated, typically by banks and building societies. Term life insurance policies are also specified investments under the RAO, even without an investment element. Fine art, land, second legal mortgages, chattels, and gold are not considered financial investments and thus are not regulated under the Act. 


Key Point: This question tests knowledge of what constitutes a specified investment under the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001. Understanding these definitions is crucial for ensuring compliance and advising clients correctly.

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