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Key Individual Role of the Key Individual in terms of the FAIS Act
Which document is the key individual primarily responsible for ensuring is accurate and submitted to the FSCA on the FSP’s ongoing compliance?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) The FSP’s annual compliance report.Correct
- b) Each representative’s personal income-tax return.
- c) The client’s product application form.
- d) The FSP’s annual marketing budget.
Why this is the answer
FAIS requires the FSP to submit an annual compliance report; as the person accountable for oversight, the KI must ensure it is accurate and on time. Tax returns, client application forms and marketing budgets are not this compliance submission.
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