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Key Individual Role of the Key Individual in terms of the FAIS Act
Which document is the KI primarily responsible for approving and submitting to the FSCA regarding 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 Representative's personal tax return.
- b) The client's application form.
- c) The FSP's annual compliance report.Correct
- d) The FSP's marketing budget.
Why this is the answer
The FAIS Act (Sec 19(2)) requires the FSP to submit an annual compliance report to the FSCA. The Key Individual, as the person responsible for oversight and management, is responsible for ensuring this report is accurate and submitted on time.
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