All RE5 questions
Key Individual Role of the Key Individual in terms of the FAIS Act
Which of the following correctly states what a key individual must satisfy to be approved?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The fit-and-proper requirements for a KI, including honesty and integrity, competence (qualification, RE1 and experience) and the management/oversight capacity for the relevant scope.Correct
- b) Only that they are over the age of 18, with no other requirement.
- c) Only that the product supplier approves of them.
- d) Only that they own shares in the FSP.
Why this is the answer
A key individual must meet the KI fit-and-proper requirements — honesty and integrity, competence (recognised qualification, the RE1 examination and relevant experience) and the ability to manage/oversee the relevant financial-services scope. Age, share ownership or supplier preference alone are not enough.
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