An entity wishing to render financial services applies for an FSP licence. To whom is the application made, and on what basis is it assessed?

RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.

1. a) To the Registrar/FSCA, which assesses whether the applicant meets the fit-and-proper, operational-ability and financial-soundness requirements for the relevant category.Correct
2. b) To the FAIS Ombud, which licenses all FSPs.
3. c) To the product supplier, which issues licences on the regulator’s behalf.
4. d) To SARS, as part of the entity’s tax registration.