All RE5 questions
FAIS Act FAIS Act and Subordinate Legislation
Which of the following best describes an 'intermediary service' under the FAIS Act?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Cleaning the FSP’s offices.
- b) Acting between a client and a product supplier — for example concluding, varying or maintaining a transaction in a financial product.Correct
- c) Manufacturing the financial product itself.
- d) Auditing the product supplier’s accounts.
Why this is the answer
An intermediary service is any act (other than advice) performed for a client or product supplier with a view to buying, selling, maintaining or varying a financial product. Manufacturing the product or unrelated tasks are not intermediary services.
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