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Key Individual Role of the Key Individual in terms of the FAIS Act
What is the core statutory function of a key individual within an FSP?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) To manage and oversee the financial-services activities of the FSP (or the part of them they are responsible for).Correct
- b) To personally guarantee every client’s investment returns.
- c) To act as the FSP’s external auditor.
- d) To handle only the FSP’s social-media accounts.
Why this is the answer
A key individual is the person responsible for managing or overseeing the FSP's financial-services activities (or a defined portion of them). They do not guarantee returns, audit the FSP, or merely run marketing.
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