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Fit & Proper FSP License (Fit & Proper/Operational Ability)
Ms. Dlamini, a Representative, was found guilty of a criminal offence involving fraud six years ago, which she deliberately failed to disclose upon appointment. This action compromises all the following Fit and Proper requirements EXCEPT:
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) Honesty
- b) Integrity
- c) Good Standing
- d) CompetenceCorrect
Why this is the answer
A conviction for fraud is a direct breach of 'Honesty' and 'Integrity' (FAIS Act, Sec 8(1)(a)). It also means the representative is not of 'Good Standing'. The failure to disclose it is also a breach of honesty. However, this event does not directly relate to her 'Competence' (which is about qualifications, exams, and experience).
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