All RE5 questions
Fit & Proper FSP License (Fit & Proper/Operational Ability)
Every authorised FSP must maintain a register of its representatives. What is the principal regulatory reason this register exists?
RE5 practice question with a worked answer. This is one of hundreds of FSCA RE5 questions in the RegulatoryExams question bank.
- a) So that the information about each representative is available to the Registrar/FSCA whenever it is required.Correct
- b) So that the information is available only to the FSP for its own internal payroll purposes.
- c) So that the Minister of Finance can personally approve each new representative.
- d) So that the National Treasury can collect levies directly from each representative.
Why this is the answer
The representative register records each representative's details and fit-and-proper status precisely so that the Registrar (FSCA) can inspect or call for that information at any time. It is a supervisory tool for the regulator, not merely an internal HR list.
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