financial conduct authority case study interview

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The Financial Conduct Authority (FCA) Aptitude Tests, Assessment Centre & Interviews Preparation – 2024

What Is the Financial Conduct Authority?

The Financial Conduct Authority (FCA) is one of the United Kingdom’s most profound financial services companies. Based in London, the FCA makes certain that the financial industry is accountable for its actions. It is a prominent agency that creates rules for the industry and when necessary, leads investigations to ensure the conduct of companies is fair. The FCA’s work benefits individuals, businesses, and the UK’s economy.

The company’s goals are:

• Protecting consumers
• Enhancing market integrity
• Promoting competition

FCA is independent and funded by the bodies that it regulates. For those who want to work in a company that keeps the United Kingdom’s financial market strong, FCA is a rigorous and prestigious place to work. The agency strives for integrity and to put consumers first, so they want to see these attitudes reflected in employees.

What Is FCA’s Hiring Process?

The FCA uses a streamlined recruitment process to find the best employees as efficiently as possible. Because of the large number of applicants they get for each job, applications must be strong in all areas of the recruitment process. The FCA uses various interview styles and assessment tests to make sure candidates are the right fit for the position.

Throughout your application, assessments, and interviews, you should show the following qualities:

Note that this process can vary in length. The entire process can be speedy for some jobs and take just a couple weeks, but some positions may take over four months, so be prepared to wait a while for a response. If you do not make it through a round of recruitment, you may not get a response at all.

Application

After finding a job that interests you on the FCA’s recruitment page , you can begin an online application. Review the job details to be sure that you match the qualifications. Reflect the job description as you fill out the application to prove your attentiveness. On the online portal, you will be asked to create an account and then be redirected to the job’s form. Basic personal questions such as name, telephone number, address, and email will start the form. Then, you will be asked more about your motivations and past educational and career experiences. Additionally, you will have a chance to attach a CV and/or cover letter. Prepare responses for why you want to work at the FCA and show off how much you know about the company.

FCA Aptitude Tests

To screen out candidates who do not have the attitudes and aptitudes for the job, the FCA likes to use online psychometric tests, which show how candidates will make decisions and deal with issues. After applying, successful candidates will be sent a link to take the necessary tests. The FCA tends to use SHL (sometimes Talent Q or Kenexa ) testing. Generally, candidates should strive to be within the top fifty percent of applicants in each test. If you do not do well, you will be eliminated from the applicant pool.

• Logical Reasoning Test The FCA’s logical reasoning test asks questions based on shape sequences and patterns. You will be asked to determine what comes next in a sequence or to determine what is missing from a pattern. This test is meant to show which candidates are analytical and can solve problems, which are important abilities at the FCA. Like all the FCA tests, you should use your timing carefully and practice beforehand to ensure that you do your best work when the pressure is on.
• Numerical Reasoning Test The FCA’s numerical reasoning test is a timed test that uses graphs, tables, and other data sets to examine candidates’ abilities to comprehend and analyze numerical information. The test will ask you several questions based on the information provided and you will have to complete basic mathematical functions. You may use a calculator. The test will have around twenty multiple-choice questions and a time limit of thirty minutes. This is a fast-paced test that requires practice for ideal outcomes.
• Situational Judgement Test (SJT) The FCA’s situational judgement test will give you several work-based scenarios and ask you to rank potential responses from best to worst. You may also be asked some multiple-choice questions. This test will give a variety of routine and sometimes extreme situations you could encounter at the FCA. You will have to work quickly to complete this timed test. Do not guess on answers because doing so will negatively impact your accuracy score, but make educated guesses as best as you can. The SJT shows the FCA how you would function in the agency’s specific workplace, so illustrate how your decision-making would fit the position’s standards.

Post-Test Questionnaire

After you’ve taken all the tests, you may be asked to go through a detailed questionnaire that inquires more intricate answers about why you want to work with FCA. This is a follow-up to the information you provided in the initial application.

Telephone Interview

If you successfully pass the first two stages of the recruitment process, you will likely be asked to go through a phone interview. This interview will mostly be a review of your CV information and job-related experiences. It will also ask fundamental questions about your interest in the FCA. You will be asked to show your knowledge about the agency, so do research into the FCA before this interview. This interview will take around thirty minutes to complete.

FCA Assessment Day & In-Person Interview

After a successful phone interview, you will be asked to give an in-person interview. An in-person interview can last from around forty minutes to one hour. This interview often takes place with a manager and sometimes an HR person as well. You will be asked basic CV information as well as questions about your experiences and motivations.

Certain graduate programs may lead to an assessment day , which is like an extensive interview. This day will include interviews as well as group or individual activities that show employers more about how you would behave in the workplace. Short case studies and simulations are common at the assessment centre. Further, participants often complete a group project and an individual written assignment. You should show how you can work with others but also be sure to show off your best traits and unique talents. This day will include multiple hours of activities. Assessment days also give recruits a chance to see if the FCA is right for them.

If you do well at the assessment center, you may be asked to then give one more interview with the Director General. During the final interview, you may be asked to retake assessment tests to verify that you’re the same person who took the tests originally. These tests will be on paper, and you will not be allowed to use a calculator.

How to Prepare for FCA’s Assessments?

Online tests determine whether you get an interview. Therefore, preparation is the best way to ensure you will do well on psychometric exams and get an interview. Focus on SHL online practice tests so that you have a good idea of what to expect going into your psychometric tests. Practice will help you learn how to pace yourself during the tests and make you more confident in your skills. The more you practice, the less time you’ll waste worrying about the tests. Additionally, inquire about the test provider and specifications for the position you want before you begin your test, which enables you to go into the testing process with as little anxiety and uncertainty as possible.

FCA Interview Questions & Tips

Job seekers can benefit from practicing for the phone and in-person interviews with FCA. During its interviews, FCA asks several behavioral questions to address how you would handle postulated scenarios. You’ll also be asked to show how you handled certain challenges in your past experiences. Several competency questions will be asked to see if your skills match the position.

Throughout the interview, feel free to ask questions if you need clarification or ask for a moment to think through your answer. Be yourself and reflect on the goals and values of the agency.

Some questions that you may be asked are:

• What is one of the FCA’s most impressive achievements and why does it inspire you?
• What challenges do you think the FCA faces?
• Talk about a time when you influenced other people. How did you influence them?
• Discuss a time when you collaborated with others. What did you do to address any disagreements?
• Why do you want to work for the FCA?
• What is your proudest achievement?

Work at the FCA is challenging but can give you great career opportunities. The company hires around one hundred graduates each year, but each role is highly competitive. Accordingly, the FCA’s pre-employment screening process is arduous. Starting with a strong application, you should practice for the three online assessments you may be asked to take and prepare for the various interviews you will go through. Further, be sure to research the objectives of the FCA and the company’s atmosphere so that you can emphasize throughout the process how your qualities and skills best fit the job. Stand out from the crowd by being prepared and proving your interest in the company. Ultimately, graduates can find exciting and meaningful work with the FCA, but to work at this agency, they must invest the time and energy to set themselves apart from the large applicant pool.

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FCA Online Assessment 2024

• The Financial Conduct Authority (FCA) is responsible for the regulation and integrity of all financial businesses in the UK.
• based in London FCA's role is to protect the customer through fair competition, promoting healthy finance objectives, and keeping the industry stable.
• The FCA collaborates with the Prudential Regulation Authority to enforce regulations and monitor compliance across the 50,000 businesses and 48,000 firms it regulates.
• The FCA Graduate Scheme provides early career seekers a breadth of programs that focus on Authorisations to Policy, Supervision to Enforcement, Economics to Data, and Technology.
• The FCA Graduate Application process consists of 5 stages , and in this article, we will focus on the FCA Online Test
• The FCA Online Assessment is divided into 2 stages, FCA Situational Strengths Test and the FCA Numerical Reasoning Test .
• The FCA Online tests are carried out by Cappfinity Assessments and In this article, I will break down what it takes to pass all the stages of the application process

FCA Online Assessment

Fca situational strengths test, fca numerical reasoning test.

• FCA Phone Interview Questions

FCA Application Process Stages

Financial conduct authority assessment.

• FCA Graduate Assessment : You will be presented with a variety of questions relevant to the requirements of a graduate at the FCA.
• 5 Different Tiles : You must complete five different tiles, with some taking longer to complete than others, the screenshot is shown above.
• Short Tutorial : Before starting the assessment, watch a short tutorial to familiarize yourself with the process.
• Untimed Assessment : The assessment is untimed, but it is recommended to allow 50 minutes to complete it.
• Realistic Preview : The assessment is designed to give you a realistic preview of working at the FCA, though all scenarios, projects, data, and people mentioned are fictitious.

Situational Strengths Answers 1

• You give a brief overview of the key points, as well as handing out copies of the product specification to the team members.
• You make the product clear for the team by taking the key information and creating a summary document for reference.
• You are committed to finding ways to make the key points of the product clear, so that they are memorable to your team.
• You hand out copies of the product specification, run through it in detail and ask if there are any questions.
• You know that the team will struggle to memorise the information, but you go through the detail of the specification as it is important to cover.

Situational Strengths Answers 2

• It is more important to keep the information consistent across the whole audience when communicating an important message.
• However, adapting the delivery to the needs of the different people listening can enhance their understanding and retention of the message.

Numerical Reasoning Answers

To determine the percentage of the planned budget for a design that was exceeded, you need to divide the amount exceeded by the total planned budget for the design and multiply by 100.

Here, the planned budget for design is £750,000 * 32% = £240,000. And the amount exceeded is £3,561.

Therefore, the percentage exceeded is:

(£3,561 / £240,000) * 100 = 1.48%

So, the answer is 1.48%

FCA Phone Interview Questions (Sample Questions + Answers)

Why do you want to work for the FCA?

• Impact on consumers : The FCA's mission is to protect consumers, enhance market integrity, and promote competition in the interests of consumers. Working for the FCA means making a real impact on the lives of consumers and contributing to a fair and transparent financial marketplace.
• Professional growth : The FCA provides a dynamic and challenging work environment, offering opportunities for professional growth and development. Graduates can expect to work on high-profile projects and be part of a team dedicated to making a difference in the financial sector.
• Focus on ethics : The FCA is committed to ethical and responsible business practices and encourages its employees to adhere to high standards of integrity and professionalism. This can be an attractive aspect for graduates who value working for organizations with strong ethical principles.
• Collaborative culture : The FCA fosters a collaborative culture where employees from different backgrounds and expertise can work together to achieve common goals. This creates a supportive and inclusive work environment, where employees are encouraged to share their ideas and contribute to the success of the organization.
• Dedication to diversity and inclusion : The FCA is committed to promoting diversity and inclusion in the workplace, and is dedicated to creating a working environment that values and respects all employees. This can be an attractive aspect for graduates who are looking to work for an organization that values and respects diversity.

In your opinion, what issues can the FCA face in the short and long term?

The Financial Conduct Authority (FCA) can face several issues in the short and long term, some of which include:

Short-term:

• Managing the aftermath of the COVID-19 pandemic and its impact on the financial sector.
• Monitoring the implementation of new regulations and ensuring compliance by regulated firms.
• Addressing consumer protection concerns and managing consumer complaints.
• Keeping pace with technological advancements and the increasing use of fintech, including issues related to cyber security.
• Addressing systemic risks in the financial sector and promoting stability.
• Balancing the interests of different stakeholders, including consumers, financial firms, and taxpayers.
• Ensuring that regulation stays relevant and effective in an ever-changing financial landscape.

These are just some of the challenges the FCA may face, and the exact challenges will depend on a variety of factors, including economic conditions, market developments, and technological advancements.

Tell us about the most interesting media piece you've read about the FCA?

One notable piece was published in The Guardian in 2019, which discussed the FCA's efforts to address climate change risks in the financial sector. The article highlights how the FCA is taking a leading role in promoting sustainability and addressing the financial risks associated with climate change. The FCA has published guidance for firms on how to consider the financial risks of climate change and has emphasized the importance of companies disclosing the potential impact of climate change on their operations and financial performance.

This article is interesting as it highlights the FCA's role in promoting sustainability and addressing an important global issue, and demonstrates how regulatory bodies can play a crucial role in promoting responsible corporate behavior and addressing risks to the financial system.

Financial Conduct Authority (FCA) FAQ's

FCA assessment test answers :

What to expect in an FCA interview:

What are the forms of test by FCA: Candidates will then be asked to carry out three online tests; a logical reasoning test, a numerical reasoning test and a situational judgement test . Afterwards, candidates will be asked to complete a questionnaire to explain in more detail why they've applied for a position with the FCA.

Is it hard to get into FCA: People have reported that the interview at Financial Conduct Authority is medium in terms of difficulty . The interview process takes more than one month. People have rated the overall interview experience as favourable.

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Practice areas, business crime & fraud, criminal investigations & prosecutions, hmrc investigations, individual accountability, international advice & assistance, proceeds of crime, regulatory & disciplinary, our expertise, 25 sep 2017, fca enforcement interviews: tips and best practice.

News & Insights | Insights | Corker Binning

The Financial Conduct Authority (FCA) conducts three forms of enforcement interview: the compelled interview, the purely voluntary interview and the cautioned interview. The type of interview that is conducted will depend on the status of the person being interviewed and the nature of the investigation to which it relates. Whether the interviewee has to attend or answer the questions posed depends on the type of interview.

Compelled interviews

This is the most common interview conducted by the FCA. It involves the regulator exercising a statutory power provided by the Financial Services and Markets Act 2000 (FSMA) to compel the interviewee both to attend the interview and to answer questions.

The compelled interview is generally used to interview:

• suspects in regulatory investigations; and/or
• witnesses who are professionals, or who work for regulated firms, or who are approved persons.

The compelled interview is almost never used in respect of suspects in criminal or market abuse investigations, as s 174 FSMA means that the answers given in this form of interview cannot be used against the interviewee in criminal or market abuse proceedings, save for the exception below.

There are serious consequences for failing to answer questions or giving incorrect answers in a compelled interview. Under s 177 FSMA, failure to comply with a requirement to attend and answer questions without reasonable excuse, or giving information that is false or misleading, either knowingly or recklessly, may lead to an individual being dealt with as though they were in contempt of court and could result in imprisonment.

In 2015, the FCA successfully prosecuted Daniel Forsyth for providing false information to the Financial Services Authority (FSA) in a compelled interview, contrary to s 177 FSMA. He received a custodial sentence of 15 months. In addition to s 177, failure to comply with a requirement to attend and answer questions, or an attempt to mislead the FCA in interview, could result in disciplinary action for a breach of Statement of Principle 4 for Approved Persons.

Purely voluntary interviews

Interviews with nearly all other witnesses or victims are conducted on a purely voluntary basis. The witness does not have to attend the interview, nor do they have to answer the questions asked.

Some witnesses who are approached for a purely voluntary interview prefer to be compelled to attend and answer questions. Normally this is because they have professional obligations that the “compelling” can override (such as client confidentiality obligations), or else they wish to assist but want to inform their employer, for example, that they had no choice but to attend and answer all questions.

Interviews under caution: criminal

Interviews with suspects in criminal investigations are conducted under Police and Criminal Evidence Act (PACE) caution. They are conducted either:

• after arrest (normally at the same time as a warrant is executed to search premises); or
• on a “voluntary” basis – the interviewee is “invited” to attend.

If you are arrested you will be taken to a police station and be entitled to free legal advice for the interview.

If you are invited to attend a PACE interview on a voluntary basis, you do not have to attend. Failure to do so may, however, result in you being arrested to secure your attendance at interview. You are generally not entitled to legal aid to assist with your representation. There has been a notable trend recently of the FCA asking individuals who are being investigated for criminal offences to “volunteer” their attendance for a PACE interview at any early stage of the investigation. This is often coupled with an invitation to provide the regulator with documents on a voluntary basis. It is essential that individuals understand that the use of the word “voluntary” does not mean the offence is somehow not that serious. The interview that you will be attending is still in relation to a criminal offence: one that can carry a custodial sentence.

Whether you are asked to “volunteer” or are arrested, you are under no obligation to answer questions during this interview: you have a qualified right to silence. If, however, you are subsequently charged after remaining silent in interview there is a danger that the court hearing your case at a later date may draw adverse inferences from your decision not to advance your defence at interview.

Deciding whether to attend such an interview and also whether to answer questions is a critical decision and one where a legal adviser can provide invaluable assistance.

Interviews under caution: market abuse

Interviews with suspects in market abuse cases are conducted on a voluntary basis with a market abuse caution. You do not have to attend and cannot be arrested for failing to do so.

As with the PACE cautioned interview, there is no obligation to answer questions and there is a qualified right to silence.

Practical tips for those facing an interview

Get legal advice

If you are asked or compelled to attend an FCA interview, either as a suspect or a witness, you should consider seeking legal advice. Although you are unlikely to receive legal aid (if you are arrested and dealt with at the police station the legal aid scheme will provide for you to have a solicitor to give you legal advice for that interview), it may be that you are covered by insurance or that your employer will be prepared to cover the costs of your legal advice and representation.

Informed legal advice will allow you to prepare properly and therefore to perform at your best in an FCA interview. It will also help you to make decisions, for example, whether to attend or answer questions if not compelled to do so, or whether to ask for a compelled interview rather than a voluntary one.

A legal representative in attendance at an interview will be looking out for your interests, will provide continuing legal advice, and will ensure the interviewers act appropriately and do not stray outside of the remit of the interview.

Preparation

The FCA will nearly always provide pre-interview disclosure in advance of any interview it carries out. This is normally provided at least two weeks in advance of the interview (unless you are arrested and then interviewed ). It is essential to take plenty of time to read all of the material properly. Surprisingly, some of the most professional and senior individuals still fail to do this and are then left floundering in the interview.

Remember that the FCA has chosen the selection of documents provided to you in the pre-interview disclosure extremely carefully. The items you receive will be essential to its investigation. Do not just flick through the pages; study each item carefully. Whether it is an email you sent or were cc-d on, a phone call you made or a document you authored or to which you had access, ask yourself, “What is it about this that makes the FCA interested in it? Why are they asking me about it?”

Often your interview will be concerned with events that occurred some considerable time ago. Do your research. For example, if you are facing an insider dealing investigation and are provided with a list of telephone calls from your mobile, take your time to check who those numbers belong to. Think what other telephonic devices you had access to at the time. If “x” is ringing you repeatedly about something, check your diary or emails (if you have access to them) to try to remember what the calls may have been about. You will not necessarily decide to share that information with the FCA, but forewarned is forearmed.

In respect of email chains, do not rely solely on the last email of the chain. Read each individual email in a chain carefully. Try to remember where you were and what you were thinking when you wrote it. Ask yourself, “Does this represent fully what happened?”

If you are acting as a witness in a systems and controls failings case, acquaint yourself with the relevant policies, procedures and reporting lines.

The day/night before

It is entirely normal to be nervous both in advance of, and on attending, the interview. Make sure you know exactly where, and at what time, the interview is taking place. Plan your route in advance and ensure it includes plenty of time for unexpected contingencies. If you have a legal adviser make sure you have a means to contact them on the day in case you run into any problems on the way. Try to relax the night before and get a good night’s sleep. Do not turn up with a hangover or wearing last night’s clothes.

The interview

Talk clearly from the outset. Try not to be defensive, confrontational, obstructive or sarcastic. Also, do not try to be humorous. Remember, the interview is being recorded and a transcript will be drawn up after the event. You do not want to find any dismissive or glib remarks that were made in the heat of the interview quoted back at you during any subsequent proceedings, or used to justify decisions made by the regulator.

The interviewers will not necessarily deal with the documents in the order that they are in the file, so do not be surprised if the first document to which you are referred is not the one behind Tab 1. You will normally be referred to the specific document and asked to read it either in full, or be taken to a particular section of it. Take your time. It is not a race and no adverse inference will be drawn if you choose to take your time to re-familiarise yourself with a document.

Similarly, take time to gather your thoughts before answering any questions. A slight pause before replying is entirely permissible.

Do not lie or give false or misleading answers.  For compelled interviews remember s177 FSMA (see above).

Do not presume that what you say will be taken at face value.  Have in mind that the version of events you give will normally be checked by the FCA.  They may have withheld documents from you in the pre-interview disclosure to allow them to test the veracity of your account and/or make further enquiries, either after or indeed during the interview to substantiate what you have said.   In a recent interview I was present at, the interview team clearly reported back to the case team in the lunch break as to what my client had said.  Part way through the afternoon session, further documents were delivered to them which they then put to my client.

If documents you have not seen as part of the pre-interview disclosure are provided to you in the interview, the FCA will expect you to ask for time to look at them.  Do not be afraid to do so.  The interviewers will stop the recording and allow you as much time as is necessary for you to review the new material.

On the issue of breaks, the general FCA protocol is to split the interview into sections of 45 minutes to an hour, and to take a short break of 10 – 15 minutes between each section.  At lunch there will be a proper lunch break.  If at any time during the interview you need a break, ask for one.  The interviewers are normally very accommodating in respect of this.  If you have a legal adviser present you are entitled to stop the interview at any point to receive legal advice.  With this in mind, if your legal representative suggests to you that you may like to take a break, agree with them and tell the interviewer you want a break. Do not ignore the representative and plough on. You are being asked because your lawyer wants to discuss something with you, or can sense that you need a break. Trust them.

You should do your best to answer the questions asked, but if you are unable to do so, tell the interviewer and explain the reasons why you cannot.  Do not expect the question to be abandoned however.  The interviewer will undoubtedly try to drill down into the surrounding circumstances.  Do not just snap back that you do not know – consider what you are being asked. Similarly, if you do not understand the question, tell the interviewer who posed it that you are uncertain as to what they are asking.  They will normally try and rephrase it.  It is better to ask and then answer correctly, rather than to hazard a reply which is incorrect or gives information that was not requested.

Do not speculate and try not to be drawn into speculating.  You should only be asked about matters or events that are within your knowledge.  If you are drawn into speculating, make it clear that you do not have actual knowledge of the matter.

This article was originally published in Thomson Reuters Accelus.

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FCA Recruitment: FCA Tests, Assessment Centre & Interview Practice

Are you applying to the Financial Conduct Authority (FCA) for the FCA graduate scheme, internship or other position? Our PrepPack™ will help you succeed in passing through the recruitment process and get the job you want.

• 3 Talent Q Elements-style verbal practice tests
• 8 basic math practice tests
• 16 numerical reasoning tests (tables & graphs)
• 7 word problems tests
• 9 number series practice tests
• 11 T/F/C practice tests 
• 18 reading comprehension tests
• 6 critical reasoning practice tests
• 7 verbal analysis practice tests
• 11 graduate & management SJT's
• 9 numerical drills
• Interview preparation
• 16 video tutorials & study guides

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Our PrepPack™ includes Talent Q Elements-style verbal tests, as well as numerical tests that consist of basic math, table and graphs, word problems, number series and T/F/C.  Also included are logical tests, SJT's, drills, guides and tutorials. Begin practising today!

FCA Application Form

Here you will get the opportunity to upload your CV and answer some application questions.

When preparing your CV for uploading to your application form, it is important to bear in mind that this will be read and assessed against the key competencies and values of FCA.

• Professional excellence
• Strength as a team

Incorporating these values into your CV is one of the hardest possible tasks, as you have to present an objective view of your accomplishments whilst at the same time showcasing where you have shown these skills before. 

FCA Online Psychometric Tests

There are a number of different psychometric tests that you have to take in the next stage of your FCA application. They are:

FCA Situational Judgement Test and Motivational Questions

Fca numerical reasoning test.

• FCA Abstract Reasoning Test  

If the FCA is interested in proceeding further once your application form has been received, you will be invited to take a situational judgement test, commonly known as the SJT.

In this test, you will be presented with a series of scenarios that you can be expected to face on the job.

You have to select the one option that you are most likely to choose and another that you are least likely to choose in a given situation.

Your answers are assessed against the key competencies of the company as well as what the job expects you to do.

There is a difficult balance to find in order to answer the scenarios in the best possible manner. Learn how we can help you succeed  in the FCA test.

 After completing the FCA SJT, you will be asked to answer four motivational questions about your desire to work for the Financial Conduct Authority. You must answer each question in 500 words or less. In order to do this successfully, you need to incorporate the key values of the FCA that we mentioned above in your answers.

Once you have taken the FCA SJT and answered the motivational questions, you will be asked to take two Kenexa provided tests .

The numerical reasoning test presents you a series of charts and graphs that you have to use to calculate the correct answer to some multiple choice questions.

You do this by using percentages and ratios aside from the normal mathematical functions.

Preparation for this test is vital as not only do you have to answer the questions set, you have to do so within a very short amount of time.

Hence, studying in advance is not merely a good idea, it is absolutely essential if you want to do well. See our Kenexa numerical reasoning test package for more details on how we can help you succeed.

FCA Abstract Reasoning Test

On this FCA test, you will be presented with a series of different shapes and matrices that follow different logical patterns.

It is your task to work these patterns out and use them to find the correct option. There are 24 questions to answer in just 12 minutes so working quickly is the key to success.

Check out our abstract reasoning practice pack to give yourself the best chance of success.

Verbal Test

Your grammar, vocabulary, text analysis and reading comprehension are measured here. Some of the questions are in the T/F/C (True/ False/ Cannot say) format, which means that you will be given statements, and asked if you agree, disagree or cannot decide about each statement. 

FCA Phone Interview

If you pass the FCA psychometric tests, you will be invited to take part in the FCA telephone interview.

This is a commercial awareness and competency based interview held with a member of the FCA HR team.

You will be asked some questions on your commercial awareness so make sure you are up to date on any news stories that are related to the FCA.

You will also almost definitely be asked, “What can you bring to the FCA?” To ensure that you are fully prepared for this interview, make sure you have prepared answers that show how you have demonstrated the key competencies of the company before.

When showing these skills, do so in the STAR based method of answering questions as this provides a complete picture of the situation and where you have demonstrated these skills.

The best way to prepare for this interview is to actually have a mock one. You can do this with a helpful friend or relative.

This is best done, however, with a trained assessor who will ask the correct questions, provide accurate prompts and give you expert advice and guidance so that you can perform to your best level during the interview. 

FCA Assessment Centre

Group exercise, written exercise, psychometric test, individual case study.

If you pass the FCA interview successfully you will be invited to the FCA assessment centre. Whilst in the past this was split into two assessment centres, it is now one full day of activities. These are outlined below.

Candidates will be put in a room with recording equipment and cameras. Each member of a group will be given different, but related, set of information.

The group has 30 minutes to process this information and make a decision and then one person in the group is chosen to summarise and present the group's argument or findings.

Skills such as time management, decision making, teamwork and communication with others will be assessed. Find out how we can help you succeed in the group exercise here .

In this test, each person in the group is given a laptop with a set of information that needs to be summarised as well as used to perform other tasks such as writing formal letters and sending emails.

There is no spell check on the laptops so be sure to double check your spelling. Prepare for your written exercise with our  preparation pack .

You may be required to retake the psychometric tests you have already passed. The test is similar to those you have already passed at the beginning of the application process.

The main difference is that for this test you are not allowed to use a calculator and it will be done on paper as opposed to a computer.

In this section, you will be given a case study to complete. You will be given approximately 30 minutes to read through the given material after which you will be required to present your information to two FCA assessors. Learn more about case studies .

The interview will be conducted by two FCA assessors. They will ask you questions about your motives for applying to the FCA and what graduate programmes appeal to you.

Be prepared to answer questions regarding what you wrote on your application in some detail. However, don't be too nervous as the interviewers will not ask questions that will knock you off guard.

More Information About FCA Opportunities

The Financial Conduct Authority, formerly the Financial Services Authority (FSA) is a great place to work, particularly if you are just starting out in the job market.

The FCA graduate program recruits around 100 graduates every year and there is high competition for each and every one of these positions.

There are also summer internships and experienced hire positions available on a rolling basis. The four different programmes available are: IT development programme, economics development programme, managerial accountancy programme and risk specialist development scheme.

In order to give yourself the best chance of success in this application, it is essential that you are fully prepared for the recruitment process. Practise with us today for your best chance of success.

Get Ready for the FCA Assessments

Keep in mind that the more you study in advance, the more confidence you will gain towards the exams and interview at FCA. Therefore, you can order our product here, and get immediate, 24/7 access to all of its materials.

Since 1992, JobTestPrep has stood for true-to-original online test and assessment centre preparation. Our decades of experience make us a leading international provider of test training. Over one million customers have already used our products to prepare professionally for their recruitment tests.

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FCA enforcement interviews: Tips and best practice Blog Corker Binning Blog

The Financial Conduct Authority (FCA) conducts three forms of enforcement interview: the compelled interview, the purely voluntary interview and the cautioned interview. The type of interview that is conducted will depend on the status of the person being interviewed and the nature of the investigation to which it relates. Whether the interviewee has to attend or answer the questions posed depends on the type of interview.

Compelled interviews

This is the most common interview conducted by the FCA. It involves the regulator exercising a statutory power provided by the Financial Services and Markets Act 2000 (FSMA) to compel the interviewee both to attend the interview and to answer questions.

The compelled interview is generally used to interview:

• suspects in regulatory investigations; and/or
• witnesses who are professionals, or who work for regulated firms, or who are approved persons.

The compelled interview is almost never used in respect of suspects in criminal or market abuse investigations, as s 174 FSMA means that the answers given in this form of interview cannot be used against the interviewee in criminal or market abuse proceedings, save for the exception below.

There are serious consequences for failing to answer questions or giving incorrect answers in a compelled interview. Under s 177 FSMA, failure to comply with a requirement to attend and answer questions without reasonable excuse, or giving information that is false or misleading, either knowingly or recklessly, may lead to an individual being dealt with as though they were in contempt of court and could result in imprisonment.

In 2015, the FCA successfully prosecuted Daniel Forsyth for providing false information to the Financial Services Authority (FSA) in a compelled interview, contrary to s 177 FSMA. He received a custodial sentence of 15 months. In addition to s 177, failure to comply with a requirement to attend and answer questions, or an attempt to mislead the FCA in interview, could result in disciplinary action for a breach of Statement of Principle 4 for Approved Persons.

Purely voluntary interviews

Interviews with nearly all other witnesses or victims are conducted on a purely voluntary basis. The witness does not have to attend the interview, nor do they have to answer the questions asked.

Some witnesses who are approached for a purely voluntary interview prefer to be compelled to attend and answer questions. Normally this is because they have professional obligations that the “compelling” can override (such as client confidentiality obligations), or else they wish to assist but want to inform their employer, for example, that they had no choice but to attend and answer all questions.

Interviews under caution: criminal

Interviews with suspects in criminal investigations are conducted under Police and Criminal Evidence Act (PACE) caution. They are conducted either:

• after arrest (normally at the same time as a warrant is executed to search premises); or
• on a “voluntary” basis – the interviewee is “invited” to attend.

If you are arrested you will be taken to a police station and be entitled to free legal advice for the interview.

If you are invited to attend a PACE interview on a voluntary basis, you do not have to attend. Failure to do so may, however, result in you being arrested to secure your attendance at interview. You are generally not entitled to legal aid to assist with your representation. There has been a notable trend recently of the FCA asking individuals who are being investigated for criminal offences to “volunteer” their attendance for a PACE interview at any early stage of the investigation. This is often coupled with an invitation to provide the regulator with documents on a voluntary basis. It is essential that individuals understand that the use of the word “voluntary” does not mean the offence is somehow not that serious. The interview that you will be attending is still in relation to a criminal offence: one that can carry a custodial sentence.

Whether you are asked to “volunteer” or are arrested, you are under no obligation to answer questions during this interview: you have a qualified right to silence. If, however, you are subsequently charged after remaining silent in interview there is a danger that the court hearing your case at a later date may draw adverse inferences from your decision not to advance your defence at interview.

Deciding whether to attend such an interview and also whether to answer questions is a critical decision and one where a legal adviser can provide invaluable assistance.

Interviews under caution: market abuse

Interviews with suspects in market abuse cases are conducted on a voluntary basis with a market abuse caution. You do not have to attend and cannot be arrested for failing to do so.

As with the PACE cautioned interview, there is no obligation to answer questions and there is a qualified right to silence.

Practical tips for those facing an interview

Get legal advice

If you are asked or compelled to attend an FCA interview, either as a suspect or a witness, you should consider seeking legal advice. Although you are unlikely to receive legal aid (if you are arrested and dealt with at the police station the legal aid scheme will provide for you to have a solicitor to give you legal advice for that interview), it may be that you are covered by insurance or that your employer will be prepared to cover the costs of your legal advice and representation.

Informed legal advice will allow you to prepare properly and therefore to perform at your best in an FCA interview. It will also help you to make decisions, for example, whether to attend or answer questions if not compelled to do so, or whether to ask for a compelled interview rather than a voluntary one.

A legal representative in attendance at an interview will be looking out for your interests, will provide continuing legal advice, and will ensure the interviewers act appropriately and do not stray outside of the remit of the interview.

Preparation

The FCA will nearly always provide pre-interview disclosure in advance of any interview it carries out. This is normally provided at least two weeks in advance of the interview (unless you are arrested and then interviewed ). It is essential to take plenty of time to read all of the material properly. Surprisingly, some of the most professional and senior individuals still fail to do this and are then left floundering in the interview.

Remember that the FCA has chosen the selection of documents provided to you in the pre-interview disclosure extremely carefully. The items you receive will be essential to its investigation. Do not just flick through the pages; study each item carefully. Whether it is an email you sent or were cc-d on, a phone call you made or a document you authored or to which you had access, ask yourself, “What is it about this that makes the FCA interested in it? Why are they asking me about it?”

Often your interview will be concerned with events that occurred some considerable time ago. Do your research. For example, if you are facing an insider dealing investigation and are provided with a list of telephone calls from your mobile, take your time to check who those numbers belong to. Think what other telephonic devices you had access to at the time. If “x” is ringing you repeatedly about something, check your diary or emails (if you have access to them) to try to remember what the calls may have been about. You will not necessarily decide to share that information with the FCA, but forewarned is forearmed.

In respect of email chains, do not rely solely on the last email of the chain. Read each individual email in a chain carefully. Try to remember where you were and what you were thinking when you wrote it. Ask yourself, “Does this represent fully what happened?”

If you are acting as a witness in a systems and controls failings case, acquaint yourself with the relevant policies, procedures and reporting lines.

The day/night before

It is entirely normal to be nervous both in advance of, and on attending, the interview. Make sure you know exactly where, and at what time, the interview is taking place. Plan your route in advance and ensure it includes plenty of time for unexpected contingencies. If you have a legal adviser make sure you have a means to contact them on the day in case you run into any problems on the way. Try to relax the night before and get a good night’s sleep. Do not turn up with a hangover or wearing last night’s clothes.

The interview

Talk clearly from the outset. Try not to be defensive, confrontational, obstructive or sarcastic. Also, do not try to be humorous. Remember, the interview is being recorded and a transcript will be drawn up after the event. You do not want to find any dismissive or glib remarks that were made in the heat of the interview quoted back at you during any subsequent proceedings, or used to justify decisions made by the regulator.

The interviewers will not necessarily deal with the documents in the order that they are in the file, so do not be surprised if the first document to which you are referred is not the one behind Tab 1. You will normally be referred to the specific document and asked to read it either in full, or be taken to a particular section of it. Take your time. It is not a race and no adverse inference will be drawn if you choose to take your time to re-familiarise yourself with a document.

Similarly, take time to gather your thoughts before answering any questions. A slight pause before replying is entirely permissible.

Do not lie or give false or misleading answers. For compelled interviews remember s177 FSMA (see above).

Do not presume that what you say will be taken at face value. Have in mind that the version of events you give will normally be checked by the FCA. They may have withheld documents from you in the pre-interview disclosure to allow them to test the veracity of your account and/or make further enquiries, either after or indeed during the interview to substantiate what you have said. In a recent interview I was present at, the interview team clearly reported back to the case team in the lunch break as to what my client had said. Part way through the afternoon session, further documents were delivered to them which they then put to my client.

If documents you have not seen as part of the pre-interview disclosure are provided to you in the interview, the FCA will expect you to ask for time to look at them. Do not be afraid to do so. The interviewers will stop the recording and allow you as much time as is necessary for you to review the new material.

On the issue of breaks, the general FCA protocol is to split the interview into sections of 45 minutes to an hour, and to take a short break of 10 – 15 minutes between each section. At lunch there will be a proper lunch break. If at any time during the interview you need a break, ask for one. The interviewers are normally very accommodating in respect of this. If you have a legal adviser present you are entitled to stop the interview at any point to receive legal advice. With this in mind, if your legal representative suggests to you that you may like to take a break, agree with them and tell the interviewer you want a break. Do not ignore the representative and plough on. You are being asked because your lawyer wants to discuss something with you, or can sense that you need a break. Trust them.

You should do your best to answer the questions asked, but if you are unable to do so, tell the interviewer and explain the reasons why you cannot. Do not expect the question to be abandoned however. The interviewer will undoubtedly try to drill down into the surrounding circumstances. Do not just snap back that you do not know – consider what you are being asked. Similarly, if you do not understand the question, tell the interviewer who posed it that you are uncertain as to what they are asking. They will normally try and rephrase it. It is better to ask and then answer correctly, rather than to hazard a reply which is incorrect or gives information that was not requested.

Do not speculate and try not to be drawn into speculating. You should only be asked about matters or events that are within your knowledge. If you are drawn into speculating, make it clear that you do not have actual knowledge of the matter.

This article was originally published in Thomson Reuters Accelus.

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• United Kingdom
• Corker Binning

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• Financial Conduct Authority (UK)
• Financial Services and Markets Act 2000 (UK)

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Financial promotions and adverts

Financial promotions case studies.

See our examples of good and bad practice when promoting financial services, and our expectations for promotions to be clear, fair and not misleading.

On this page

• Video: Case study 1 - Consumer Credit – Car Finance (Hire Purchase)
• Video: Case study 2 - Claims Management Companies: Financial Service Products
• Handbook rules for firms

Financial promotions are how firms communicate financial services and products to consumers. These promotions are often published in many forms such as on social media (Facebook, Twitter, Instagram), websites, as well as other media formats. They can significantly influence a consumer’s decision when choosing a financial product or service, so, it is vital that financial promotions comply with our relevant rules.

We recognise the need to provide information for firms to understand the financial promotions rules that apply to particular products and services. We include below short videos of the various products we regulate, and the common mistakes firms make while promoting their products. The videos illustrate our expectation and highlight the need for promotions to be clear, fair and not misleading regardless of the media used.

These examples provided are mock scenarios. They are not a comprehensive illustration of our rules and it is for you to ensure that the promotions that you communicate or approve comply with all relevant requirements.

Case studies

If you’re unsure whether your advert complies with the relevant rules, you may wish to seek independent legal advice.

You should also review  The Perimeter Guidance Manual  which sets out the legal definition of a financial promotion, and what would be considered merely a communication to reference the firm’s brand (image advertising). For more information regarding our media-neutral stance, please refer to our  Social Media Guidance .

The links below will take you directly to the financial promotion’s rules within the FCA Handbook that relate to these high-level product areas.

• Consumer credit:  CONC - Consumer Credit ;  CONC - Debt
• Claims management:  CMCOB
• Retail investments:  COBS
• General insurance:  ICOBS
• Mortgages:  MCOB
• Banking:  BCOBS

More on financial promotions and adverts