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Self-test questions – answer 2.1
The third bullet point in the ‘Jessica dates and basis of amounts‘ table should ready 2028 rather than 2027.
The correct sentence therefore is: 31st January 2028. This will be a balancing payment for 2026/27 for the difference between the tax due for 2026/27 and the £4,000 paid so far under the payments on account. Plus there will be a first payment on account for the tax year 2027/28.
Question 39: Angus, aged 43, has lived in Edinburgh all his life. He has been assessed as needing personal care due to immobility issues. To what might he be entitled?
The correct answer should be option B: Free personal care up to the value of £260.30 per week. The figure of £254.60 was previously stated in error.
Activity 7.3
To avoid ambiguity, the first question in activity 7.3 has been amended. The rationale remains the same.
Original question: Calculate the value of the gifts that should go into the lifetime transfer bucket. (6 marks)
Revised question: Calculate the value of the gifts made in his lifetime (6 marks)
Page: 140
Chapter: 3
Section: 3.3.3b – Surplus Treaty or Surplus Line Treaty
Update Summary
The previous example referred to a single claim of £30 million arising from a £15 million risk. This was not technically correct, as a claim payment cannot exceed the insured value of the underlying risk. To address this, the example has been revised to show two separate claims of £15 million each, resulting in a combined claims total of £30 million while remaining consistent with the original £15 million risk exposure.
Revised Example
If two separate claims of £15 million are made, each claim is shared in line with the original risk split of one retained line and two surplus lines:
Across both claims, the total paid would be:
As with other proportional reinsurance, claims are shared in the same proportions as the original risk and premium.
Chapter 1.2.2 – In Summary table
The FCA does not regulate the Bank of England as previously stated.
The FCA regulate recognised investment exchanges. This regulatory body can impose sanctions and fines if necessary.
Chapter 1.3 / page 24
The correct date which the UK’s transition period from the EU ended was 31st December 2020 not 21st December as previously stated.
Chapter 1.3.2 / page 26
FSMA stands for Financial Services and Markets Act rather than Financial Services and Marketing Act as previously stated.
Chapter 1.4.5 / page 32
The last paragraph in this section has been reworded to make it clearer. It now reads:
As at May 2024, interest rates stood at 5.25%. While it was expected that these rates would eventually fall, there was no certainty about when this would happen. By February 2026, interest rates had gradually fallen to 3.75%, while inflation stood at 3% which was above the Bank of England’s 2% target. Interest rates have historically risen and fallen in response to changing economic conditions, and are likely to continue to fluctuate in the future.
Chapter 5B.1.2 / page 268
Example 5.8 regarding Capri Limited was incorrect. This example has therefore been re-written as follows:
| Example 5.8 Under the FCA’s MIFIDPRU rules, what is the primary purpose of requiring investment firms to hold adequate own funds? A. To maximise shareholder returns. B. To ensure firms have sufficient financial resources to absorb losses and protect clients. C. To guarantee all client investments will make a profit. D. To reduce the amount of tax paid by the firm. B is correct. Under the MIFIDPRU prudential regime, investment firms must maintain adequate own funds to help ensure their financial resilience. This enables firms to absorb losses, continue operating during periods of financial stress, and reduce the risk of harm to clients and markets. |
Section 1.4.4 – SDLT
A section has been added to this chapter regarding the SDLT paid by companies:
SDLT applies to both individuals and non-natural entities including companies.
In most cases, the higher rates of SDLT (as shown below) apply to companies under the following circumstances:
The SDLT rates applicable to companies, based on the value of the property, are as follows:
| Purchase Price /Lease Premium / Transfer Value | Resident Corporate Bodies | Non-Resident Corporate Bodies |
| Up to £125,000 | 5% | 7% |
| £125,001 to £250,000 | 7% | 9% |
| £250,001 to £925,000 | 10% | 12% |
| £925,001 to £1.5 million | 15% | 17% |
| Over £1.5 million | 17% | 19% |
Chapter 3.2.2 / page 53
The Benefits for short and long-term sickness summary table has been corrected to the attached.
Exercise 2.3
The DA should have been £500 rather than £1,000.
See attached for the correct calculations for this exercise.
Case Study 8.1
The Case Study answers have been amended as per the attached PDF document.
Page 34, In the ‘Benefits’ column of the table, the fifth bullet has been removed. A note has been added after the table that reads:
‘NOTE: It may be possible for them to claim BADR on a future disposal of the property, but relief would be restricted if they charged rent to the business.’
New Version: AF5Analysis160925v2
Updated hyperlinks: All the hyperlinks in the AF8 eLearning introduction chapter have been updated.
See attached for details of the new links.
Our Autumn 2025 budget summary can be found by clicking the More Info button.
Question 9: Which asset class is the MOST suitable for emergency funds?
The correct answer should have been option A: Cash deposits.
Question 18: Aman has an offset mortgage. The current mortgage balance is £175,000 with £25,000 in her bank account. On what amount will Aman pay interest on to her lender?
The correct answer should have been option B: £150,000
Question 74: Denise is an independent financial adviser. How does she satisfy the FCA principle of know your client?
The correct answer should have been option A: Through the completion of a full client fact find.
Question 81: Staszek is considering taking out a stocks and shares ISA and has approached MoneyHelper for guidance. Which of the following guidance is MoneyHelper MOST likely to provide?
The correct answer should have been option A: The features and benefits of ISAs.
Question 62: The body responsible for ensuring capital adequacy is the…
The correct answer should have been option A: Financial Conduct Authority (FCA).
Question 85: Which of the following bodies issues fines for firms that have committed a money laundering breach?
The correct answer should have been option A: Financial Conduct Authority (FCA).
Question 88: What is the maximum prison term for knowingly assisting a money launderer?
The correct answer should have been option D: 14 years.
Question 35: Under contract law at which part of the advice process would the client demonstrate ‘consideration’?
The correct answer should have been option B: Completing the application form.
Question 45: A partner in a limited liability partnership will pay which of the following classes of national insurance contributions?
The correct answer should have been option D: Class 2 and 4 potentially.
Question 46: Clare has qualified for Statutory Maternity Pay (SMP). What % of her usual earnings will she qualify for in her first six weeks of claiming?
The correct answer should have been option C: 90%
Keeping your study materials up to date is essential for exam success.
To ensure you are working with the most accurate resources, we recommend checking this page regularly. Here you will find updates that directly affect your study materials, helping you stay aligned with the latest requirements
Updates to your study materials are published directly on the CII website at www.cii.co.uk. To locate them, select your exam unit and look for the “Unit Updates” section displayed in the right‑hand column. We recommend reviewing both the “Learning Solutions Update” and “Qualification Update” headings to ensure you are working with the most current information.
